Pace Gallery Closes Beijing Branch—Arne Glimcher: ‘It’s Impossible to Do Business in Mainland China

“Beyond the repressive climate in the country, Glimcher also cited the 38-percent luxury tax on purchases of works of art on the mainland as a key obstacle to commercial success. Speaking of both the U.S. and Chinese presidents, he concluded, ‘I think it is really unfortunate that the culture has to be sacrificed by these administrations who don’t understand its value or its role in society.’ “

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