atans1

TLC sold US$65m art piece for “peanuts”.

In Temasek on 04/10/2018 at 10:42 am

US$2.3m, was what CapitaLand’s subsidiary, Raffles Holding, a painting for in 2005. Now it’s worth US$65m and rumoured to be heading to The Museum of Islamic Art, Doha, Qatar.

A work by Zao Wou-Ki (1920-2013) that hung in Raffles City for years and yrs (commissioned by I M Pei the architect of the place and of the Doha Museum) was sold by Raffles Holdings, a subsidiary of Capitaland, via Christie’s HK for US$2.3m in May 2005.

Same work sold at a world record price of US$65m (a record for a ZWK painting) on 30 Sept via Sotheby’s HK.

But before Chris K gets worked up on CapitaLand’s or scholars’ incompetence, the piece was sold by public auction both times. The art buyers voted with their wallets both times round.

But somehow, I don’t think that this fact will register with the anti-PAPpies, sane or nutty. So wait for Phillip Ang, the cybernuts go-to financial expert to KPKB about Ho Ching’s, CapitaLand’s or scholars’ incompetence or worse. (Btw, whatever happened to his and Lim Tean’s sue CPF class action? They raised money and then kept quiet? CPF class action: Phillip Ang’s “reply’ to fellow cybernut.Related post: Will Lim Tean & Phillip Ang help out fellow cybernut?)

Whatever, it would be nice if we had retained the art piece in one of our public galleries: after all it hung in a public space in Raffles City. But I’m sure the anti-PAP Tamils and Malays would say it’s “Too Cina”. And that it that shows the PAP’s Chinese chauvinism and bias against minority races.

  1. Had a Hongkie banker colleague who was useless in his job but his godfather at the time posted him to run the tiny Shanghai branch. Did f-all professionally but he did bought himself a couple of Chinese contemporary art pieces to decorate his office. Did not know what he was doing, he thot they looked “colourful”. He was a lousy banker but he got rich with the painting. Would be heck more richer if he held on them. That was the around the time the ZWK pieces were sold by Raffles. Don’t need to be a scholar to be clever and don’t need one to be dumbass when it comes to art.

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