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.