Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

China seizes $US14.5bn Connected to Retired Security Chief

March 31, 2014 by Marion Maneker

Zhou Yongkang

The Guardian reports on the power struggle at the very top of China’s ruling class that is revealing the extent that art plays in the country’s culture of enrichment. Zhou Yongkang is the former security chief who says he’s being punished for his refusal to support the Politburo’s campaign against Bo Xilai:

More than 300 of Zhous relatives, political allies, proteges and staff have also been taken into custody or questioned in the past four months, the sources told Reuters.Prosecutors and the partys anti-corruption watchdog had frozen bank accounts with deposits totalling 37bn yuan and seized domestic and overseas bonds with a combined value of 51bn yuan after raiding homes in Beijing, Shanghai and five provinces.Investigators had also confiscated about 300 apartments and villas, antiques and contemporary paintings and more than 60 vehicles, the sources added. Other items seized included expensive liquor, gold, silver and cash in local and foreign currencies.According to the sources, the seized assets had a combined value of at least 90bn yuan

China seizes $US14.5bn assets linked to ex-spy chief Zhou Yongkang (Guardian)

More from Art Market Monitor

  • Brisbane Revels in the Asian Pacific TriennialBrisbane Revels in the Asian Pacific Triennial
  • Fairey: Banksy Film Real, I SwearFairey: Banksy Film Real, I Swear
  • Emperor's Seal for an Emperor of FundsEmperor's Seal for an Emperor of Funds
  • Christie’s Announces Rockefeller Sale for Spring 2018Christie’s Announces Rockefeller Sale for Spring 2018
  • Fair FactsFair Facts
  • Machine Learning from Art Data Is Harder Than You Think But About to Become EasierMachine Learning from Art Data Is Harder Than You Think But About to Become Easier

Filed Under: General

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • $10 M. Picasso Portrait Unseen for Decades to Sell at Bonhams
  • Vienna Secession Painting, Long Thought to Be Lost, Sets a Record at Auction
  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Restituted Van Gogh Portrait from London Collection to Sell at Christie’s
  • Tony Podesta's Secret Art Buying
  • Collection of Texas Heiress Anne Marion Expected to Fetch $150 M. at Sotheby’s
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Sotheby's Pulls in a $9m David Hockney for November
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor