25 March 2011

An article in today’s Telegraph reports a process said to be commonly used in China to make corrupt payments. A typical scenario would see the person who wants to be bribed putting an artwork or antique of little value up for auction. The briber then buys the agreed piece for a huge sum.  Research suggests this is the reason why traditional Chinese vases are reaching high prices.  One case in Nanjing involved a property developer buying two paintings directly from a government official. The appraised value of the paintings was about $500, but the developer paid more than 300 times that amount.

www.telegraph.co.uk/news/worldnews/asia/china/8406314/Chinese-vase-frenzy-bribery-and-the-auction-house.html

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