Investors Are Losing Millions on Overpriced Chinese Art
“ ‘That’s where the model works, it preys on people by speaking to them in a vocabulary they understand and offering to be a trusted guide through this very opaque market, so buyers probably let their guard down,’ says Edie Hu, art advisory specialist at Citi Private Bank in Hong Kong. ‘There is a mystique to the art market and all of a sudden you have someone who brings it down to your level. Nobody from galleries or auction houses talks about return on investment.’
...Mrs. Wong, a compliance lawyer bought a Hirst print from Collins & Kent a few months before the company closed says she’s stuck with a painting she never liked and can’t sell. ‘I was the perfect target, someone with enough money, very little time and no knowledge of art,’ she said. ‘I am totally embarrassed by my own stupidity and lack of due diligence.’
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