Economic growth in China has been substantial, making it the world's largest energy consumer. China now has 115 billionaires, according to Forbes Magazine. However, there are recent signs that things might not be as great as they seem in the largest country in the world. There are indications in the art market that many wealthy Chinese buyers are not following through on their multi-million dollar purchases. According to a recent article in Newsweek, Chinese purchasers of early Chinese vases, sculptures, and other artwork are taking longer and longer to pay, and sometimes not paying at all. This has caused many of the major auction houses to require substantial deposits before bidding.
Showing posts from April, 2011
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Russian billionaire Yuri Milner just paid $100 million for a home in Los Altos Hills, California. The 25,000 square foot house, which resides on 11 acres, has an indoor pool, an outdoor pool, two three-car garages, a carwash and tennis courts. Milner, who is an investor in Facebook, Zynga and Groupon, doesn't plan to move in right away. This is considered to be a US record purchase price for a home.