Bubble Trouble Spoils China's "Art Shares" Party
The First Art Newspaper on the Net    Established in 1996 Saturday, November 23, 2024


Bubble Trouble Spoils China's "Art Shares" Party



BEIJING (REUTERS).- China's maiden "art stock exchange" has halted trade in its top two paintings after their share prices soared 1,700 percent and ignited concerns that a new bubble was bursting.

Just two months after the Tianjin Cultural Artwork Exchange listed shares in two Chinese paintings, the bourse said it was pulling the paintings from trade to "reduce investment risks and protect investor rights."

Wild asset price swings are not uncommon in China, where markets are often dominated by ordinary people who have few viable investment channels and earn little, if any, interest on bank deposits.

In the past three years alone, items as varied as garlic, mung beans and ant-based aphrodisiacs have all experienced investment frenzies.

The Chinese art market was also seen by many critics as a bubble in 2008 when auction prices soared. But the boom in art shares was something entirely new.

The Tianjin art exchange, which opened in January, operates by listing works of art and then offering investors fractional ownership.

The two paintings yanked from trade were Roaring Yellow River and the Autumn in Fortress.

Exchange data showed that on its last day of trade this week, shares in Roaring Yellow River traded at 17.2 yuan ($2.62), compared with their issue price of 1 yuan.

That valued the canvas by modern Chinese painter Bai Gengyan at 103 million yuan ($15.7 million), nearly 52 times the highest price that Bai's paintings had ever fetched in a public auction.

But it is not the end of the road for the Tianjin art exchange, which says on its website that its goals are to promote "financial innovation" and "broaden channels for the public to participate in high-end artwork investment."

It listed seven new paintings and a diamond on March 11. They have gone up by 15 percent -- the maximum daily gain according to exchange rules -- in every trading day since then.

(Reporting by Zhou Xin and Koh Gui Qing; Editing by Simon Rabinovitch and Ken Wills)










Today's News

March 19, 2011

Experts from the San Fernando Royal Academy of Fine Arts Discover Rare Van Dyck

Sylvie Fleury Brings Luxury and Glamour to the Contemporary Art Center of Málaga

Regional Unrest Inspires Artists at Dubai's Four-Day Contemporary Art Show

Robert De Niro Testifies in Gallery Owner Lawrence Salander-Related Art Fraud Trial

Christie's in New York to Sell Photographs from the Consolidated Freightways Collection

Saatchi Online Revamped as Social Marketplace for the Discovery and Purchase of Art from Emerging Artists

Scottish National Gallery of Modern Art Presents Jeff Koons: Artist Rooms Exhibition

Saffronart Launches New Mobile Website; Offers Easy Mobile Access to Buyers of Art

Sonia Delaunay Textiles On View at Smithsonian's Cooper-Hewitt, National Design Museum

A Very Rare Rhinoceros Horn Cup From China, Sold at Hotel des Ventes in Geneva for a Record Price

Nest Egg's April 16 Auction Features Photographic Nudes, Fine Art and Cameras

A Collection of Gladys Knight's Dresses to Be Sold at Leslie Hindman Auctioneers

Christie's Presents a Range of Luxury Items at Second Series of Elegance Sales

The American Institute of Architects Select 18 Recipients for the 2011 Housing Awards

Bidder Pays $460K for Roughly 8-Pound Gold Nugget

School of the Museum of Fine Arts Announces 16th Annual Medal Award Recipient

Bubble Trouble Spoils China's "Art Shares" Party

Appalachian Cultural Museum a Victim of Hard Times

Chinese Seal Believed to Be from Imperial Summer Palace Sacked in 1860, for Sale at Bonhams




Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 



Founder:
Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez
Writer: Ofelia Zurbia Betancourt

Royalville Communications, Inc
produces:

ignaciovillarreal.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful