Papers love headlines and in the last few years the ‘miracle of China’, taking over the Western art market produced some. Finally, someone writes in detail about what is going on there. This very interesting article in the New York Times tells it all:
“Indeed, even as the art world marvels at China’s booming market, a six-month review by The New York Times found that many of the sales — transactions reported to have produced as much as a third of the country’s auction revenue in recent years — did not actually take place.
Just as problematic, the market is flooded with forgeries, often mass-produced, and has become a breeding ground for corruption, as business executives curry favor with officials by bribing them with art.”