In her Financial Times column this week, Georgina Adam reports that the recent arrest of two art handlers in Beijing has spooked Chinese collectors into not buying art.
The two art handlers, one Chinese and one German, were arrested for allegedly evading $1.5 million in taxes, though they were recently released. More from the FT:
The fallout of the affair continues to make itself felt. According to one Beijing-based art dealer, dozens of Chinese art collectors have been investigated and this is giving them very cold feet: “I have had four deals cancelled since the arrests,” he said. “The collectors say, ‘it’s just not the time to be buying art’.”