Sat, Nov 02, 2013 - Page 9 News List

Forging an art market in China

China’s burgeoning art market is seriously hindered by a thriving art forgery industry, with about half of the high-end pieces auctioned ending up unpaid for because of questions over their authenticity

By David Barboza, Graham Bowley and Amanda Cox  /  NY Times News Service, BEIJING

The euphoria did not last long, though. An art critic, Mou Jianping (牟建平), soon suggested that the work might be fake, and the bidder decided not to pay. Two years later, the buyer has effectively defaulted on the item.

Liu declined to comment on the failed sale.

However, in an interview last month, China Guardian director and vice president Kou Qin (寇勤) described the nonpayment problem in the market as “a very bad phenomenon,” but one that will be fought. His company reduced its nonpayment rate for the most expensive items to 17 percent last year.

“Lack of honor,” he said. “It is a problem faced by the whole of society.”

Additional reporting by Jo Craven McGinty

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