A couple of weeks back I posted this article THE ABSOLUTE WORST CASE OF ART FRAUD-THE CHINESE MILITARY ARE RUNNING ALL THE AUCTIONS. which you can find at this link http://wp.me/p2M3K7-sW which discloses that at least half if not most of al reported sales in Chinese art are never paid for, possession is not taken, forgeries are the norm, and people are crazy dealing i these markets
Today, I was reading the international newspapers and I almost fell of my chair! A confluence of articles demonstrating EVERYONE INVOLVED IN THIS FILTHY ART MARKET INDUSTRY is lieing through their teeth! Auction Houses reporting record sales in Chinese art and financial markets reporting the the Chinese financial markets are about to implode.
You be the judge, it’s your money if you risk getting involved:
FROM THE SOUTH MORNING CHINA POST:
China becomes world’s top art buyer for fourth straight year amid record 2013 global sales
Global art sales hit a new record high of US$12.05 billion last year, with China keeping its spot as the top buyer, a leading art market data firm said on Wednesday.
France-based Artprice said sales of artworks around the globe – which include paintings, sculptures and photographic prints – grew 13 per cent last year.
The market rebounded after a 9 per cent drop in 2012 that was due mainly to a decrease in sales in China.
But China remained the top art buyer for the fourth year running last year, accounting for US$4.078 billion in sales, Artprice said.
It was followed closely by the United States, which accounted for US$4.016 billion of sales, up 20 per cent from 2012.
“These two powers alone account for two-thirds of the art market,” said Artprice CEO Thierry Ehrmann.
Britain was in third position but far behind, accounting for US$2.11 billion worth of sales. France was fourth with US$549 million in sales, followed by Germany and Switzerland.
Ehrmann said growth in the art market continued to rely on the works of a small number of popular artists selling at high prices.
“Half of the revenues from last year were based on only 100 artists and 25,000 lots,” Artprice said.
ANYONE READING THAT PROPERLY? OUT OF ALL THE ART BROUGHT TO AUCTION IN 2013 WERE BASED ON ONLY 25,000 LOTS! DO YOU HAVE ANY IDEA HOW MANY LOTS COME UP AT AUCTION EACH YEAR? THOUSANDS AND THOUSANDS MORE
IT’S A SCAM! AND A FAKE MARKETING CAMPAIGN.
Now lets get to the Chinese financial markets, where the chinese supposedly are dumping $4.08 BILLION into art
FROM THE UK TELEGRAF
Chinese bank bad debts hit crisis level high
The volume of non-performing loans in the Chinese banking system highest since financial crisis
Bad loans made by Chinese banks have risen to highest level the financial crisis, according to figures released by the country’s financial regulator.
The China Banking Regulatory Commission said non-performing loans (NPLs) made by Chinese lenders reached Rb592bn (£58.3bn) in the final three months of last year. The last NPLs were at the same level was September 2008, the month when US investment bank Lehman Brothers collapsed.
The rise means bad debts are now equivalent to 1pc of total lending compared to 0.97pc at the end of the previous quarter. Though still a relatively small proportion of bank assets, the rise highlights the deterioration in credit conditions in China.
Loans by Chinese lenders have grown at an unprecedented rate in the past five years, with banks increasing the size of their balance sheets by Rb89 trillion, an amount roughly equivalent to the size of the entire US banking industry.
This growth has prompted rising fears of the risk of a credit bubble, particularly as the Chinese authorities attempts to clampdown on lending by mainstream banks has led to the rise of shadow financial sector that is now responsible for about the same volume of new loans as the official banking sector.
IN USD THE CHINESE BAD LOANS ARE 105 BILLION! AND GROWING.
I guess the banks are lending are that funny money to buy art!