Giant Robot Store and GR2 News
The Richest 70 Chinese legislature members (89.8 billion) have more money than all of Congress and more (7.5 billion). Basically, it averages that each of the 70 Chinese politicians is a billionaire. What’s the end kicker is China is 1/6 in terms of adjusted buying power. Meaning, the money goes even further. More noodles for them! (Shanghaiist – Rich China Politicians)
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The horizon seems to keep growing. It was a matter of time until an article in the NY Times would mention China and Art Collectors and billionaires in the same article. Of course, rich buy rich things. In the later 80s, Japanese businesses were purchasing landmarks in the US. Many of us have forgotten that it led to paranoia including car bashings, movies like 16 Candles and Gung Ho, and ultimately the murderous beating of Vincent Chin. Yet Chinese businessmen, thus far, aren’t buying buildings, they’re buying US currency which seems to be devaluing daily, oil fields, and now great art. It’s inspiring for the richer Chinese to purchase Chinese art, especially the contemporary works by the many who top auction houses like Yue Minjun since that’s the work by their peers who grew up in the same periods of dictatorship then recovery and remembrance. Yet now it’s works by the “western masters” like Picasso and even Warhol. (NY Times – Chinese Art Collecting)
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