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Investor frenzy on new art stock exchange

  • Published 24 Mar 2011

After share prices on Tianjin's new "art stock exchange" ran off the scale, regulators behind the scheme were forced to step in.

Regulators struggled to control an investment frenzy on China's first "art stock exchange" this week as share prices soared. Only two months after the Tianjin Cultural Artwork Exchange (TCAE) "listed" shares in two Chinese paintings, it was forced to cap monthly share fluctuations at only 20% to "reduce risks and protect investor rights". The share price of one painting "Roaring Yellow River" soared to Rmb 17.2 last week from Rmb 1 on listing - valuing the work at Rmb 103m ($15.7m, £9.6m, €11.1m), or 52 times the top price it achieved at auction.

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