03 Sep '12, 11am

Chinese Businessmen Are Purchasing Art To Launder Their Money #bitcoin

Chinese Businessmen Are Purchasing Art To Launder Their Money #bitcoin

Getty / Lintao Zhang An auction in Beijing earlier this year. Michael Jackson was drinking heavily, paranoid and anxious in weeks before his death Forecasts bleak as India's growth continues to slow Red lines needed in Iran nuclear crisis, Netanyahu says TAIPEI, Taiwan — If dead men don’t tell tales, they certainly don’t sell medals awarded to them over 80 years ago. That was the message delivered by Chinese art collectors when they refused to enter a bid for a medal awarded to late dictator Chiang Kai-sheik on Aug. 24. The medal was put up for sale in Hong Kong despite Taiwan’s Ministry of Defense saying it was a fake. According to the ministry, the real medal was buried with the generalissimo in 1975. The botched auction is just the latest contentious sale in China’s booming art market, which according to industry research outfit Artprice, overtook both the US and the UK...

Full article: http://www.businessinsider.com/chinese-businessmen-are-pu...

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