Taikang Life Insurance Co, one of China's largest insurance companies, has picked up 13.5 percent stake in Sotheby's, Bloomberg reported.

Sotheby's is a prominent British multinational corporation that runs auction houses across the world. The firm's headquarter is based in New York.       

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Taikang Life Insurance disclosed the investment in its filings with China's securities exchange on Wednesday. The company said in the filing that it would seek for representation in Sotheby's Board of Directors.       

The company added in its filing disclosure that it has fully conveyed to Sotheby's management its support for the company's "broader strategic initiatives." The news of Taikang's investment comes after reports emerged in May that Sotheby's Singapore-based shareholder Shanda Payment Holdings Ltd is set to increase its stake from two percent in the company.  

Sotheby's is yet to issue any official statement about Taikang's filing with China's securities exchange. Sotheby's has a market capitalization of $1.84 billion. Last week, Sotheby's said that its auctioned revenue stood at $2.4 billion during the first half of the current year, down 25 percent from a year earlier.  

Taikang Life Insurance is owned by well known Chinese businessmen Chen Dongshen, who is a grandson son-in-law of revolutionary leader Mao Zedong.       

Chen Dongshen runs one of China's largest auction houses, China Guardian Auctions Co. Dongshen founded the auction company three years before creating Taikang Life Insurance.

TagsTaikang Life Insurance, Sotheby’s, china, Chen Dongshen