If you were paying attention to the London auctions last week, you noticed that there was still significant bidding from telephone representatives who handle Mainland China clients. The most notable sale was Adrien Ghenie’s The Sunflowers in 1937 which sold to an Asian buyer.
Part of the answer may come from the fact that buying art abroad seems to remain a loophole for those looking to get money out of China, according to a New York Times article over the weekend:
Individuals can move $50,000 a year across China’s borders. Companies and sophisticated investors have more freedom to send out money legally for big-ticket purchases and investments. Overseas and domestic companies, which maintain bank accounts in various currencies, can also shift their cash, as well as borrow based on which currency they think will fall in value.
Chinese Start to Lose Confidence in Their Currency (The New York Times)