TLC sold US$65m art piece for ‘peanuts’

US$2.3m, was what CapitaLand’s subsidiary, Raffles Holding, a painting for in 2005. Now it’s worth US$65m and rumoured to be heading to The Museum of Islamic Art, Doha, Qatar.

A work by Zao Wou-Ki (1920-2013) that hung in Raffles City for years and yrs (commissioned by I M Pei the architect of the place and of the Doha Museum) was sold by Raffles Holdings, a subsidiary of Capitaland, via Christie’s HK for US$2.3m in May 2005.

Same work sold at a world record price of US$65m (a record for a ZWK painting) on 30 Sept via Sotheby’s HK.

But before Chris K gets worked up on CapitaLand’s or scholars’ incompetence, the piece was sold by public auction both times. The art buyers voted with their wallets both times round.

But somehow, I don’t think that this fact will register with the anti-PAPpies, sane or nutty. So wait for Phillip Ang, the cybernuts go-to financial expert to KPKB about Ho Ching’s, CapitaLand’s or scholars’ incompetence or worse. (Btw, whatever happened to his and Lim Tean’s sue CPF class action? They raised money and then kept quiet? CPF class action: Phillip Ang’s “reply’ to fellow cybernut.Related post: Will Lim Tean & Phillip Ang help out fellow cybernut?)

Whatever, it would be nice if we had retained the art piece in one of our public galleries: after all it hung in a public space in Raffles City. But I’m sure the anti-PAP Tamils and Malays would say it’s “Too Cina”. And that it that shows the PAP’s Chinese chauvinism and bias against minority races.

 


Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor.

 

 

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9 Responses to “TLC sold US$65m art piece for ‘peanuts’”

  • LIONS:

    Dont worry,this is just an art piece n its PEANUTS,whats 65 million vs 2.5 million?
    Not much lah.

    We,PAPies n *our* WIFE have been *SELLING* OUT all the DAFT SINKIES for much more n they still love n trust us,haven’t they?

    We believe in SELL LOW,BUY HIGH when we *trade*/ deal with FOREIGN TALENTS BUT WHEN IT COMES TO DAFT sgs,we always know what to do; we always screw them.

    Look,we sell them HDB AT SKY-HIGH PRICES N STEAL THEIR CPF.
    EVEN NTUC MAKES TONS OF MONEY from poor sgs?

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  • HarderTruths:

    Not knowing how to conduct specific business transactions means GIC/TLC/etc. need to seek the help of a professional in that area of expertise.

    In most cases the professional will be able to give advice on how these assets are managed. Why was SenbCorp sold? Why was money put into Freddie and Fernie Mac? Why are there so many other failed enterprises that a normal businessman could do much better with?

    The problem is stupidity – stupidity and arrogance. This cannot be cured. Pappies and their hired cronies believe they know everything about everything. Of course – they will never suffer for their sins, no matter what they do.

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  • pap PA paid IBs:

    pap clown pays each other, the valued loyal clan members, S$m. even when clown pap members don’t make it anymore in GRCs or SRCs, they still get S$m roles in gic temasick ntuc, the apolitical public institutions legally from citizens that now run like clown pap self owned enterprises.

    the rub is not about the legalized nepotism cronyism corruption. rather it is about the pather pap PA paid IBs such as ci.

    pap PA pays its IBs cents per post. because these folks aren’t worth anything in the eyes of pap PA, being mostly Msia. more than this, pap PA knows if such cents paid IBs don’t accept its payment terms, these IB folks have no where else to run, being unemployable to begin with due to their seedy nature and lack of education thereof.

    do we pity pap PA paid IBs such as ci?

    NO. not for a moment. for once, we agree with pap, in that pap PA is treating its mostly Msia IB folks rightly by not paying them cents.

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  • patriot of Temesak:

    What’s your POINT and what are you [email protected]???

    Nothing can be WORSE than a Jinx who bought a Kindergarten DownUnder going BellyUP for $400 million AND true to FORM…

    It went BELLY UP!!! Down Under…how MORE Jinx & Suay can a person be???

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  • Rabble-rouser:

    The art of the deal & impeccable market timing – I’m afraid they aren’t PAP & their Meritocratic Scholars strongest suit. Like @oxygen said in another thread:
    “LEE-jiapore is sinking because PAPpy lot are

    - rotten asset builders

    - even more rotten asset traders”

    He nailed it “spot on” re: the PAP’s Total Ineptitude & Gross Incompetence – PAP were rotten asset builders but they were even worse as asset traders. How do they pay themselves millions in salaries & bonuses are a lesson in rewarding failure upon failure with no market accountability. My 2-bit analysis – it isn’t sustainable over time. The reality will hit home sooner than later!
    US$62.7m in 13 years is an incredible amount that CapitaLand, Temasek & ultimately the PAP govt left on the table for shrewd asset traders to pick up & profit greatly. The PAP govt, Temasek Holdings & CapitaLand’s management all looked like fools in the process. It’s not the only time that PAP & Temasek were made to look like fools in the marketplace. Barclays Bank was another incident where Temasek Holdings sold Barclays shares too early & incurred a huge loss. But the Oil-rich Arabs (using their Sovereign Funds) held on & exited with a handsome profit when the market recovered.
    The late LKY’s vision of a Paramount State with a Monopoly on wisdom & knowledge were falling apart. Economic history had proven that State-directed investments & a State-controlled economy have one way to go – a definitive collapse & ultimately, failures all round. His whole vision is flawed & contradictions

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  • What do i think ?:

    I believe CI is saying – oppies, please stripped yourself of cynicism

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  • AnT:

    Any seller whose face or attitude is seriously despised by the industry and buyers gets the lowest price.

    The same bag carried by Diana and Hojinx will have a big gap with the latter consigned to condemned goods.

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  • nihon:

    in 1997 the hongkies were allowed to become prs.

    the papigs thought they atttracted ‘talents’ = ftrashes. then the hkies bought hdbs and fried up the prices, many sgs also bought. then the hkies sold and ran away with a huge windfall, laughung at papiga behind the papigs’ back, all the way to the bank.

    and many sgs held on to the losses – as much as $120 k.

    the prices never recoverd.

    now with hdb as a wasting asset, many sgs and prs are cursing and swearing while suffering losses.

    ci is a flip flop queen.

    papigs are totally incompetent in economic management without goh keng swee.

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  • Haigen-diaz:

    Yet another example of how fiscal responsibility, monetary prudence and a hint of PAP’s hodgepodge system that’s cranking out mostly mediocre minds, uncritical thinkers and those bots-programmed corporate managers. It is hard not to discount the anecdotal examples of government’s casual ‘asset-stripping’ of the nation’s silver is to blame for our economic stagnancy. There was a whiff of the PAP infallibility complex in that remark, a hint that the current leadership might share some of its predecessor’s inability to admit mistakes. Our government is like an alcoholic that has not yet been able to admit that they have a drinking problem, instead blaming their buddy for buying them that extra drink last night. And that’s an attitude neither they nor the country can afford. Similarly, the populace has been asked by the PAP Govt. to sacrifice in service of a greater good (or so the story goes). The experience has raised the question of how do you get through to a government who’s whole world – their whole psychological being – depends on never letting anyone get through to them; when their inner goal is not to find the truth but to hide from the truth? It might cause them to lose track of all that lethally concentrated wealth and power that they keep sucking and sucking from their body politics. The word that keeps coming to mind is unsustainable. In my experience, in order for growth (or even stability) to occur, two things must happen – first, the majority of investment must result in real value creation, with value in this sense meaning increasing capacity to produce useful and necessary commodities, and secondly (and in my view most importantly) the fruits of production must be broadly shared, so as to support demand. I don’t sense either happening at present. Economic expansions are never driven by business investment, at least not directly. In the world of GDP, the consumer is always king. The best one can hope to do is keep them out of office and make sure they don’t have the power to act on their delusions. Taxpayers should not suffer corporate and political fools gladly.

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