In depth: Art fraud paints picture of sketchy public fundraising

High-profile management company part China's $58bn ring of scammers

20211126 Alberto Giacometti

Alberto Giacometti's "Le Nez" at an auction house on Nov. 5 in New York. Cases of art investment gone wrong signal a growing trend of illegal fundraising in China. © AP

FENG HUAMEI and CAI XUEJIAO, Caixin

When retired teacher Zhang Yanli invested millions of yuan in calligraphy and paintings, she did not expect that her art would remain out of sight, let alone vanish completely.

Despite all the money she spent, Zhang never saw any of the art she bought as it was kept for safekeeping by the local artwork management company that facilitated the deal.

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