Billionaires rush to buy at Art Basel HK
Updated: 2014-05-16 09:21
By Frederik Balfour (China Daily)
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Billionaires beckon for $10,000 passports and works by emerging painters at Art Basel Hong Kong. Frederik Balfour reports.
Inside Art Basel Hong Kong at the city's convention center there's a booth where guests can apply for instant citizenship to the Republic of Jing Bang.
For $10,000 you can obtain a passport, an aluminum "Citizenship Box" briefcase and national flag from Jing Bang, an ephemeral state created for the fair by Chinese artist Sun Xun, whose installation is a satirical comment on art, commerce and nationhood.
The art world elite, including billionaire Indonesian collector Budi Tek, New World Group scion Adrian Cheng and Canyon Capital Advisors co-chairman Mitchell Julis, won't need any fictional travel documents to converge on Hong Kong, where more than $1 billion worth of art is for sale, according to fair insurer AXA ART.
Wealthy collectors can snap up a $10,000 painting by emerging Chinese artist Yuan Yuan or pay $75,500 for a fish in formaldehyde work by Damien Hirst.
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