Chinese art dealership is concerned about the future of the missing business

A well-known portrait of a missing Chinese businesswoman has been sold to Beijing by a government dealership for Rmb38m ($ 6m), raising questions about whether her property was being forcibly evicted.

Duan Weihong, a businessman also known as Whitney who was close to the family of former Prime Minister Wen Jiabao, originally paid $ 5m for “Prayer”, a 2012 oil painting by Chinese artist Zeng Fanzhi, according to a book recently published by the former wake. husband.

Mu Red Roulette, Desmond Shum described Duan as “one of Zeng’s aides” who competed with his fellow collector. Francois Pinault, the top French billionaire, for his talent. Duan initially wanted to place the art and other Zeng works in a luxury hotel in Beijing, according to Shum.

“He didn’t just buy Zeng works,” said a person close to the artist. “He was also one of his main allies.”

The art was sold to an unidentified buyer Thursday night by Beijing Poly International Auction, part of the state-owned China Poly Group, at a price far higher than the average price of Rmb8m-Rmb16m ($ 1.3m- $ 2.5m). Poly described the seller as “an important place” but declined to comment further on how the paint got started.

Shum, who lives in the UK, said he was “very disappointed” to hear that “Prayer” was being sold. “It’s a beautiful picture,” he added.

Duan went missing in 2017, apparently as part of an investigation into Sun Zhengcai, another senior politician who grew up. Sun, a former junior member of the politburo of 25 members of the Chinese Communist Party, was considered a successor to President Xi Jinping until his tenure. was arrested in 2017. He was sentenced to life imprisonment for corruption after one year.

It has not been confirmed by the government or party investigators that Duan was arrested. He a brief overview in September when he phoned Shum to urge him not to publish his book about his dealings with the Wen family, Sun and other party officials.

Shum said at the time he believed Duan had been forced to make the phone call and was not free.

Duan could not be reached for comment. Zeng did not respond to a request for comment.

Demand for Zeng jobs has declined over the past decade. On Monday, however, the Beijing artist was selected by the Hurun Report, which tracks the wealth of China’s richest businessmen, such as the world. 10th hottest artist, based on sales of its services in 2020 of $ 39.3m.

Wednesday, another Zeng work, “This World Is So Rich And Beautiful No 2”, Sold for HK $ 40m ($ 5.1m), exceeding its original price of HK $ 10m-HK $ 20m.

It is not uncommon for prominent Chinese businesses to fall into legal risk and then go out with all their assets. But the risks are even greater for low-income individuals with intimate businesses and elite party families.

Xiao Jianhua, a financier, has not been seen since Chinese police robbed him at a luxury hotel in Hong Kong in 2017 and encouraged him to cross the border with China. His arrest was never confirmed by the government or the party and his financial empire was broken down and directors last year.

Additional reports of Emma Zhou in Beijing