Beware the risk in buying art overseas

Building Built in Map, Anonymous. [Photo/kansaiaa.com]

Chinese art collectors have been flocking to Japan since October particularly seeking Chinese antiques.

The rise in auction prices in China has forced collectors to look overseas. Chinese collectors are helping bring back lost relics from Japan, while at the same time injecting vigor to the Japanese market, according to the Xi'an Evening News.

During the Japan Art Dealers Enterprise's autumn auction in October, Chinese master Qi Baishi's Four Seasons Landscape (four screens) was snapped up by a Chinese collector for 70 million yen ($569,615). Another Wu Changshuo painting Green and Red Plum Blossom was purchased by a Chinese buyer for 12 million yen ($97,648).

During Kansai Art Auction's autumn event, a Song and Yuan Dynasties Anonymous Building Built in Map saw bidding reach a record 99.93 million yen ($813,166) before being purchased by Chinese billionaire Liu Yiqian.

According to the Xi'an Evening News, buyers going for Chinese art in the Japanese market are mostly private collectors from China, who have money to splash. They have been a major power supporting the antique industry in Japan.

At the end of last year, there were even art lovers who formed tour groups to travel to Japan for auctions. As Chinese buyers are increasing, a noted auction house in Japan has set up service agencies especially for Chinese consumers.