Chinese art collector’s US$1.3 million lawsuit lifts the veil on back-door contracts for purchase and resale of coveted artworks

//Chinese art collector’s US$1.3 million lawsuit lifts the veil on back-door contracts for purchase and resale of coveted artworks

Chinese art collector’s US$1.3 million lawsuit lifts the veil on back-door contracts for purchase and resale of coveted artworks

A lawsuit has dragged the discreet negotiations of the top-tier primary art market into the public spotlight.According to the suit, Michael Xufu Huang, a prominent Chinese art collector and socialite, had a financial agreement with Monaco-based Argentinian collector Federico Castro Debernardi.The nature of the deal was that Debernardi would use Huang to buy difficult-to-secure artworks. Huang would purchase the pieces in his own name, then quietly resell them to Debernardi for a 10 per cent…

Article by [author-name] (c) Arts & Culture - South China Morning Post - Read full story here.

By | 2022-01-14T11:15:20+00:00 January 14th, 2022|Entertainment|Comments Off on Chinese art collector’s US$1.3 million lawsuit lifts the veil on back-door contracts for purchase and resale of coveted artworks