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Even a painting with a whopping price tag could be a fake. The Portrait of Lady Jiang Biwei, an oil painting thought to be a masterpiece of renowned Chinese artist Xu Beihong (1895-1953), set a new auction record for Xu’s work at the price of 72.8 million yuan ($11.47 million) in June 2010.
But a buyer never knows what is going to happen to his or her new piece. Last September, 10 contemporary painters questioned the portrait’s authenticity and claimed it was a student work from a painting exercise they had while studying in the Chinese Central Academy of Fine Arts in 1983.
Yang Songlin, one of the 10 painters, said their purpose was to protect Xu Beihong’s fame and warned collectors of counterfeits.
While causing a heated discussion, the incident has brought to the surface a number of problems that have plagued China’s art market for years: Auction companies sell fake artworks without punishment. Unqualified experts and art agencies offer unreliable endorsements and certificates. Counterfeiters grow in numbers.
These knotty issues can only be solved when qualified third-party artwork authentication and valuation agencies are established and relevant laws are introduced, said Beijing-based antiques expert Ma Weidu.
Rising speculation
Problems have risen in the past 10 years as China’s art market developed remarkably fast, powered by the country’s double-digit economic growth.
China leaped from the ninth to first place in 2010 in terms of artwork sales worldwide, said art market information provider Artprice. The transaction volume of China’s art market is expected to more than double the previous year’s figure in 2011.
Spurred by increasing art sales and overnight fortune stories, speculators have flooded the market. Short-term interests prevail over honesty in China’s art collection circles, although old-school antique merchants valued their reputations and sought loyalty from their customers for long-term benefits.
The art market is widely regarded as the best hot money shelter, given China’s stagnant and volatile capital market and real estate market.
Statistics from an art collectors’ forum last November show the return rate on artwork investment has increased to 26 percent, exceeding that for investments in stocks or houses.
While driving up prices, speculation encourages counterfeits. In the portrait case, it’s ironic that Xu’s elder son, Xu Boyang, endorsed the authenticity of the work.
“The case reflects difficulties in art work authentication today,” said Gan Xuejun, General Manager of Beijing Huachen Auctions Co. Ltd. “The art market is filled with numerous counterfeits which carry various authentication certificates.”
Growing artwork sales have created huge demands for art work authentication and valuation. But authentication of artworks as a service is mainly given by so-called experts, unqualified auction companies or art agencies in China now, which makes it impossible to guarantee the reliability of such services.
“Indiscreet experts and art agencies, who put economic benefits ahead of their fame and honesty, often endorse artworks without due investigation, “ Gan said.
Behind the scene
Chen Lusheng, Deputy Curator of the National Museum of China, said many active experts on antique authentication are actually fake.
“My experience told me an expert with a grandiose title, such as chairman of a world arts committee, is very likely a fake. Many famous experts appearing on TV programs are not known at all in art circles,” Chen said.
Fake experts are also to blame for unrealistically high prices boosted by valuations they gave. It’s disastrous if the public always relies on such experts’ words instead of their own knowledge and discretion, he said.
“Authentication and valuation is, above all, the key step in the circulation of artworks, which must be subject to strict supervision and regulation,” said Li Xiaoshan, professor with the Nanjing University of the Arts.
In developed countries, non-profit galleries play a key role in the market and offer venues for companies to have auctions. But auction companies dominate the Chinese art market. As a result, authentication agencies and auction companies often ally to win maximum economic returns.
Without reliable authentication and effective supervision, the art market has become a grey area where counterfeits grow accordingly as the number of authentication agencies increase. Low cost and high profit of art counterfeiting have lured many into the business.
In addition, fake authentication in the market is often linked to economic crimes, such as money laundering.
“In the long run, this disorder will hinder the sustainable development of China’s art market,” said Gan.
Legal loophole
While reinforcing supervision, the authority also needs to toughen legislative efforts to regulate the market and curb artwork counterfeiting, said Ma.
Relevant stipulations in existing laws and regulations are too ambiguous to practice. The Auction Law of China, clause 61, says “auctioneer do not assume liability if a statement has been made prior to the auction that they cannot guarantee the authentication and quality of the article.”
The clause 61 provides a protective umbrella for auction companies selling counterfeit artworks, and makes it difficult for buyers to protect their interests in auction disputes.
“Such a disclaimer helps auctioneers evade obligations and liabilities for fake artworks they sold, which not only impairs the interests of buyers, but also affects the healthy development of the market,” said Gan.
“But if the auctioneer has promised the artwork is real before auction, then the buyer can sue the seller when he or she has evidence to prove it’s fake,” said Hao Jianfeng, a lawyer from Beijing Fada Law Firm.
Other than the clause 61, there are no explicit stipulations addressing issues of artwork authentication, such as a standard procedure, and the qualifications and skills required for artwork authentication agents.
By contrast, the international auction market has set a good example through its 100-odd years of development.
The renowned auction company, Sotheby’s, provides clients with a promise that if the auctioned work is found to be a counterfeit in the next five years, the company will revoke the deal and return all the money to the buyer. The other famous auctioneer, Christie’s, has similar regulations.
“It is necessary to add amendments to the Auction Law, such as allowing tracking of the transaction history of artworks,” said Li.
In the British art market, where buyers practice the tracking right, every party involved in the transaction—including seller, buyer, gallery, auctioneer and dealer—are required to offer necessary information to guarantee the copyright of the artwork.
A truly successful market will never rely on speculation. It’s urgent to address problems in the art market and establish a sound market mechanism to enable sustainable development.
But a buyer never knows what is going to happen to his or her new piece. Last September, 10 contemporary painters questioned the portrait’s authenticity and claimed it was a student work from a painting exercise they had while studying in the Chinese Central Academy of Fine Arts in 1983.
Yang Songlin, one of the 10 painters, said their purpose was to protect Xu Beihong’s fame and warned collectors of counterfeits.
While causing a heated discussion, the incident has brought to the surface a number of problems that have plagued China’s art market for years: Auction companies sell fake artworks without punishment. Unqualified experts and art agencies offer unreliable endorsements and certificates. Counterfeiters grow in numbers.
These knotty issues can only be solved when qualified third-party artwork authentication and valuation agencies are established and relevant laws are introduced, said Beijing-based antiques expert Ma Weidu.
Rising speculation
Problems have risen in the past 10 years as China’s art market developed remarkably fast, powered by the country’s double-digit economic growth.
China leaped from the ninth to first place in 2010 in terms of artwork sales worldwide, said art market information provider Artprice. The transaction volume of China’s art market is expected to more than double the previous year’s figure in 2011.
Spurred by increasing art sales and overnight fortune stories, speculators have flooded the market. Short-term interests prevail over honesty in China’s art collection circles, although old-school antique merchants valued their reputations and sought loyalty from their customers for long-term benefits.
The art market is widely regarded as the best hot money shelter, given China’s stagnant and volatile capital market and real estate market.
Statistics from an art collectors’ forum last November show the return rate on artwork investment has increased to 26 percent, exceeding that for investments in stocks or houses.
While driving up prices, speculation encourages counterfeits. In the portrait case, it’s ironic that Xu’s elder son, Xu Boyang, endorsed the authenticity of the work.
“The case reflects difficulties in art work authentication today,” said Gan Xuejun, General Manager of Beijing Huachen Auctions Co. Ltd. “The art market is filled with numerous counterfeits which carry various authentication certificates.”
Growing artwork sales have created huge demands for art work authentication and valuation. But authentication of artworks as a service is mainly given by so-called experts, unqualified auction companies or art agencies in China now, which makes it impossible to guarantee the reliability of such services.
“Indiscreet experts and art agencies, who put economic benefits ahead of their fame and honesty, often endorse artworks without due investigation, “ Gan said.
Behind the scene
Chen Lusheng, Deputy Curator of the National Museum of China, said many active experts on antique authentication are actually fake.
“My experience told me an expert with a grandiose title, such as chairman of a world arts committee, is very likely a fake. Many famous experts appearing on TV programs are not known at all in art circles,” Chen said.
Fake experts are also to blame for unrealistically high prices boosted by valuations they gave. It’s disastrous if the public always relies on such experts’ words instead of their own knowledge and discretion, he said.
“Authentication and valuation is, above all, the key step in the circulation of artworks, which must be subject to strict supervision and regulation,” said Li Xiaoshan, professor with the Nanjing University of the Arts.
In developed countries, non-profit galleries play a key role in the market and offer venues for companies to have auctions. But auction companies dominate the Chinese art market. As a result, authentication agencies and auction companies often ally to win maximum economic returns.
Without reliable authentication and effective supervision, the art market has become a grey area where counterfeits grow accordingly as the number of authentication agencies increase. Low cost and high profit of art counterfeiting have lured many into the business.
In addition, fake authentication in the market is often linked to economic crimes, such as money laundering.
“In the long run, this disorder will hinder the sustainable development of China’s art market,” said Gan.
Legal loophole
While reinforcing supervision, the authority also needs to toughen legislative efforts to regulate the market and curb artwork counterfeiting, said Ma.
Relevant stipulations in existing laws and regulations are too ambiguous to practice. The Auction Law of China, clause 61, says “auctioneer do not assume liability if a statement has been made prior to the auction that they cannot guarantee the authentication and quality of the article.”
The clause 61 provides a protective umbrella for auction companies selling counterfeit artworks, and makes it difficult for buyers to protect their interests in auction disputes.
“Such a disclaimer helps auctioneers evade obligations and liabilities for fake artworks they sold, which not only impairs the interests of buyers, but also affects the healthy development of the market,” said Gan.
“But if the auctioneer has promised the artwork is real before auction, then the buyer can sue the seller when he or she has evidence to prove it’s fake,” said Hao Jianfeng, a lawyer from Beijing Fada Law Firm.
Other than the clause 61, there are no explicit stipulations addressing issues of artwork authentication, such as a standard procedure, and the qualifications and skills required for artwork authentication agents.
By contrast, the international auction market has set a good example through its 100-odd years of development.
The renowned auction company, Sotheby’s, provides clients with a promise that if the auctioned work is found to be a counterfeit in the next five years, the company will revoke the deal and return all the money to the buyer. The other famous auctioneer, Christie’s, has similar regulations.
“It is necessary to add amendments to the Auction Law, such as allowing tracking of the transaction history of artworks,” said Li.
In the British art market, where buyers practice the tracking right, every party involved in the transaction—including seller, buyer, gallery, auctioneer and dealer—are required to offer necessary information to guarantee the copyright of the artwork.
A truly successful market will never rely on speculation. It’s urgent to address problems in the art market and establish a sound market mechanism to enable sustainable development.