The NY Times reports a pall has descended over China’s art market as the government has launched a sweeping investigation of firms and collectors undervaluing art and antiques to avoid government import taxes that can reach 35%. Two employees of an art-handling firm have been jailed since March in Beijing.The two worked for Integrated Fine Arts Solutions. Some wealthy Chinese collectors are barred from leaving the country during the investigation. Skeptics, according to The Times, “have suggested the case is aimed at taking down a foreign-owned company to clear the ay for a well-connected domestic player that recently began lavishly investing in the art-handling business.”
Tax Crackdown Sends Pall Over China Art Market
July 17, 2012
Controversial Chinese Vase Sells For $40m
January 17, 2013The story begins two years ago, when an 18th century Qianlong porcelain vase sold to a Chinese bidder for more than 50 times its estimate, or $83m at a London auction. It was the highest price ever paid for an Asian work of art. The problem was, that “casino price,” as one dealer called it, was never paid. The bid, according to some, was merely a protest against the original theft of the vase from the Emperor’s Palace in the 1860’s. Now, in a deal reportedly brokered by Bonhams, the vase has finally changed hands in a private sale for an undisclosed sum, reported to be $40m.
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Relics Of Chairman Mao May Sell For $1.6m
September 28, 2012The American collector spent 15-years collecting all things Mao, trinkets, paintings, Warhol and Richter prints, books and an extremely rare 100 yuan note signed twice by the Chairman. A total of 208 lots at a Bloomsbury Auction in London that may fetch $1.6m.
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Inscrutable Price For Chinese Scroll
September 14, 2012The result was as spectacular as it was inscrutable when the hammer came down on a Chinese scroll at Sotheby’s yesterday that went for $3,218,500—3 times more than expected because only half the ink on paper was done by famed artist, Hongren. The second half was obviously executed by someone else.
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Rising Value of Unrestored Cars
By Malcolm Welford, Vintage Car Specialist
