Many would know that Rudy Kurniawan, who was one of the highest profile collectors in recent years, has been arrested on several charges of fraud. We’re watching with interest the impact on both the secondary and primary markets, especially as Mr. Kurniawan allegedly had assistance from various quarters.
Mike Steinberger has succinct updates on his excellent blog, and there’s a flurry of commentary in various places. We note without comment that Spectrum, whose most recent London auction was implicated (leading to the withdrawal of multiple lots), are at the moment still going ahead with their Hong Kong auction later this month.
We hope that this also marks the beginning of the end (or at least a reversal) of two worrisome trends: wine forgery, and the price rises required for and commensurate with an ongoing scam.