The Chinese Art Market

I found the article Pump and Dump by Gady A. Epstein @ http://www.forbes.com/global/2008/0324/022.html interesting and insightful + here is what Liang Changsheng, art director of the Contemporary Artwork Auction firm in Beijing has to say:
'The trick of creating that next hot artist is an idiot's game. First get critics to write about him(The critics are paid by artists, auction houses and galleries for this service). Then organize exhibitions to introduce his work (That's paid for, too, even at the most prestigious national museums). Then you can put the work in auction with an establishing price and buy it back yourself in order to set an example for the public. Of course, it would be better if some other bidders join in.'

This reminded me of the colored stone + diamond business, especially the high-ticket stones (rubies, sapphires, emeralds, colorless + fancy colored diamonds) with guaranteed best-grade certificates + origin report. It is definitely an idiot's game!