China Museum Shut Down After Exhibits Revealed to Be Forgeries

China Museum Shut Down After Exhibits Revealed to Be Forgeries

Chinese authorities forced the closing of a museum curated by a local Communist Party boss in northern China after determining that almost all of the items in its 50 million-yuan ($8.1 million) collection were fake.

Forgeries at the museum in Hebei province included an item billed as a five-color porcelain vase from the Tang Dynasty, even though the artistic technique wasn’t invented until hundreds of years later, the Shanghai Daily said in a story today. Another item was purportedly signed in simplified Chinese by an emperor said to have lived more than 3,000 years before the writing system was invented.Residents in nearby village of Erpu had long argued that the party boss who oversaw the collection bought fake items with money raised for the museum, the Global Times newspaper said today. The museum, called Jibaozhai, was shut after photos of its exhibits appeared online with a story questioning their authenticity, the newspaper said.

“Jibaozhai has no qualification to be a museum as its collections are fake and it hasn’t reported to my department for approval,” said an official from the Hebei cultural heritage bureau with the last name Li, according to the Global Times.

Counterfeiters in China have faked everything from medicine to Kweichow Moutai’s high-end liquor to Apple Inc. (AAPL) stores. At strategic talks with the U.S. earlier this month, Chinese government officials promised to do more to protect intellectual property.

The official Xinhua News agency reported that the museum was founded with a 50 million-yuan investment. A story on Sina.com included photographs of figurines on display with the caption “fake collections.”

The Shanghai Daily quoted museum deputy curator Shao Baoming as saying that “at least half” of the exhibits on display were authentic.

To contact Bloomberg News staff for this story: Nicholas Wadhams in Beijing at nwadhams@bloomberg.net

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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