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May 14, 2008

Chinese Artists Annoyed by Sale
(New York Times, May 07, 2008)

A group of Chinese artists and curators is crying foul play over a recent auction of Chinese contemporary art in Hong Kong. Featuring 200 works by many of the country's best-known artists, the first half of the Estella Collection initially sold for $18 million. Many of the artists involved were under the impression that a wealthy Western collector had made the purchase with the intention of starting a permanent collection. In fact, a group of investors sold the work to Manhattan art dealer William Acquavella, who is now reselling the collection through Sotheby's. The auction house released a statement saying that it hoped that the artists would be mollified by "the international exposure during this exciting time in the market" that should "be helpful in furthering their careers."

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