Two significant art purchases—a Bacon diptych and Gerhard Richter’s Dusenjager—have caught Lin San in a terrible bind. But Lin San was not the buyer of either work. Still, he stands to lose a great deal of money because of a judge’s order.
Lin, a Chinese citizen, loaned another Chinese citizen, Zhang Chang, the money to pay for a Bacon work he purchased in the Summer of 2015 at Christie’s in London for £12m.
Zhang defaulted on the loan leaving Lin San no other option but to consign the Bacon to Gagosian to sell for ready cash. Here’s the Courthouse News Service on the backstory:Continue Reading