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China Guardian head sounds warning note on sales and fraud

Hu Yanyan says that results will still be “healthy”

The head of auctions at China Guardian says that there “may be a slight decrease” in aggregate sales for 2014 at China’s second largest auction house—but Hu Yanyan says that results will still be “healthy”. The firm’s 2013 sales were Rmb6.6bn ($1.1bn), up 27% from a dismal 2012. Meanwhile, the company has had to warn buyers about the fraudulent use of its name. According to a statement, “the tricksters carve the company’s official seal, make up contracts, falsely declare that they are collecting art for the company and sell collections in its name.”

Originally appeared in The Art Newspaper as 'China Guardian head sounds warning note on sales and fraud'