Monday, March 3, 2014
China MOU Raises Value of Chinese Auction House Linked to the PLA
Only weeks after the US State Department announced a renewal of its MOU with China, Poly Group, the parent of a major Chinese auction house associated with the People's Liberation Army, has announced a successful IPO to help fund its expansion into the Hong Kong market. Coincidentally or not, critics of the MOU have noted that recently looted material from China is exported to Hong Kong in quantity for reimport into China for the benefit of wealthy, connected Chinese collectors. Now, Poly will presumably be able to tap into this business further. More evidence, if any was needed, that the MOU with China does nothing to protect Chinese heritage but quite a bit to provide Chinese auction houses and collectors with a competitive advantage against their American competitors. Yet, the US State Department and the Archaeological Institute of America continue to claim that the MOU helps protect Chinese cultural artifacts. Naiveté or something much worse?