To mark the anniversary of the sale of the first Ferrari in China – a Ferrari 348 TS ordered by a Beijing customer – Ferrari is opening an exhibition at the Italia Center in the Shanghai World Expo Park and releasing a China-only limited edition 458 Italia.

As high-end European labels increasingly aim to benefit from China’s growing luxury market, Shanghai has become a popular destination for maisons to host exhibitions documenting their legacy, with Van Cleef & Arpels the latest brand to announce a retrospective exhibition.

Hyatt brand Andaz has officially opened the Andaz Shanghai, a 28-storey landmark which adds yet another top-end property to the city’s booming luxury hotel market.

The Andaz Shanghai’s 307 rooms opened to the public for the first time October 18, marking the first entry of the Andaz brand into Asia.

With rooms that offer views of the historical Xintiandi district, the hotel is decorated with mixed media artwork designed to evoke the old and new sides of the area, using items such as LED lighting, sensors, video projections and recycled materials.

Influential magazine Condé Nast Traveler has named the Ritz-Carlton Shanghai, Pudong as the best hotel in the world in its annual Readers’ Choice survey.

The publication, announcing the results ahead of the November issue, revealed the Shanghai hotel’s victory ahead of Peninsula House in the Dominican Republic, which won second place, October 11.

The Four Seasons Sharm El Sheikh won third place, while the Safari Lodges at Phinda Private Game Reserve in South Africa came in fourth.

Thousands of rich Shanghai residents have turned China’s most cosmopolitan city into the luxury capital of a country that is expected to become the world’s largest market for the sector between 2012 and 2015.

Shanghai topped China’s luxury market in 2010-11 with 18% of overall sales, ahead of Beijing’s 16% and the eastern city of Hangzhou, with its 13% share.

Second and third-tier cities in the country are still far behind, despite boasting a growing number of wealthy people, according to the World Luxury Association.

The Absolut Art Collection Tour is about to make its final stop in Shanghai after touring across Asia Pacific over the past few months.

The Absolut Art Collection, a celebration of art, creativity and popular culture, includes works by Andy Warhol, Francesco Clemente, Rosemarie Trockel, Béatrice Cussol and Angus Fairhurst, to name a few.

This will be the last chance to see the collection before it returns to Sweden. The exhibition will run from July 14th to 30th in Longmen Art Projects Shanghai.