11 Million Dollar MISTAKE!
What was thought to be a Xu Beihong (a Chinese Modern Master) has been declared a fake. The painting was sold last June at Beijing Jiuge International Auction House for RMB 72.8 million (USD $11.4 million) has been traced back to an art student who created the work during a “class exercise” in 1983.
To make matters even more embarrassing for the auction house, not to mention the international art community as a whole, Beihong ranked number six on Artprice’s top ten artists by auction value in 2010, with sales totaling $176.3 million-one would think the experets would have spotted this fake from across the room.
When buying at auction the BUYER MUST PRACTICE DUE DILIGENCE, it is the BUYER’S RESPONSIBILITY to be educated about their own purchase. Nothing is set in stone at auction. In the US we have more rights to a refund if enough evidence is present to prove authenticity is fradualant, but the expense of such research is the buyer’s responsibility.
LESSON: DO YOUR HOMEWORK BEFORE YOU BUY-11.4 million dollar mistake.
-ARTINFO full article