Art collectors pay the price learning to differentiate the real thing from fakes
In the world of fine art collecting, there's a thin line between authenticity and imitation, and every collector on the mainland will have bought counterfeit artworks at least once, said Guangdong Association of Collectors director Chen Shaoxiang.
'Losses caused by bogus works are the price collectors have to pay to develop the skills to differentiate between genuine and counterfeit works,' said the 50-year-old, who has 23 years' experience in art collection.
Mr Chen's words come with conviction. The land auctioneer and chairman of Goodking (Guangdong) Auction estimated that he has spent around four million yuan over the past two decades on counterfeit paintings.
Chinese traditional paintings from contemporary artists such as Tang Yun, Guan Shanyue and Song Wenzhi are his favourites.
'I like making friends with artists who are still alive so that I can appreciate their work more,' he said.
Despite his friendships with painters, he was still fooled into buying a batch of 15 imitations of Tang Yun's works for 300,000 yuan from a friend in 1989, one of his bloodiest losses.
'Of course, I am very unhappy about this because 300,000 yuan was a big amount of money at that time,' Mr Chen said. 'But I only blame myself for blindly trusting a friend and hence, realised the importance of educating collectors.'
Over the years, Mr Chen has invested 70 million yuan for more than 2,000 paintings - authentic and counterfeit - with the most expensive at 500,000 yuan. He believes that value of his collection has surged six-fold.
But profiteering is taboo to the true practitioner of art collection, he stressed.
'I have seen so many speculators seeking huge profits within a short period, but they end up getting burnt,' said Mr Chen.
'To be a smart collector and investor you should do your research, have the knowledge, and buy works you like.'
While there are many who claim to be art experts, some in the business continue to cheat consumers for monetary gain.
Xu Guowei, owner of Jyzarts Studio art gallery in Shandong province, said only people who buy art with their own judgment and money can be called real experts.
'Without exaggeration, I can bet there are dishonest experts at the Palace Museum,' he said. 'But I believe this phenomenon will not last as reputation matters in this market.'
Mr Xu is optimistic about the outlook for art collection on the mainland, with the entry of more players.
It is estimated that there are 100 million mainland collectors and the number grows at between 10 per cent and 20 per cent annually.
