Part of an exhibition by Sol LeWitt and Zhang Xiaogang at the Pace Gallery in Beijing, which recently closed. Its American owner says the US-China trade war was the last straw in what was already a difficult business environment. Photo: Darbu Photography Studio
US-China trade war blamed for Pace Gallery Beijing’s closure, but is it last straw for art market? Two views
- It’s impossible to do business in China, American art market grandee Arne Glimcher said of his Pace Gallery closing in Beijing, with trade war the latest blow
- Another gallerist whose space in Beijing recently closed also cites threat of tariffs, but a veteran art dealer in China says business has never been so good
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US-China trade war
Part of an exhibition by Sol LeWitt and Zhang Xiaogang at the Pace Gallery in Beijing, which recently closed. Its American owner says the US-China trade war was the last straw in what was already a difficult business environment. Photo: Darbu Photography Studio
Patrick Drahi (centre) pretends to hit himself on the head with a mallet during the initial public offering of his telecommunications company on the New York Stock Exchange. He has offered to buy auctioneer Sotheby’s in a US$3.7 billion deal that would see its shares delisted from the exchange. Photo: EPA-EFE
Deal to take Sotheby’s private will throw handy cloak of secrecy over sales, earnings, China art players say
- Being private would free auction house from sales and revenue disclosures, allowing it more flexibility to accommodate clients’ wishes, say collector and dealer
- Chen Dongsheng, owner of auction house China Guardian and the biggest single Sotheby’s shareholder, is silent on Frenchman’s US$3.7 billion offer for company
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Auctions
Patrick Drahi (centre) pretends to hit himself on the head with a mallet during the initial public offering of his telecommunications company on the New York Stock Exchange. He has offered to buy auctioneer Sotheby’s in a US$3.7 billion deal that would see its shares delisted from the exchange. Photo: EPA-EFE