Category
  • Patron
Residence
Beijing, China

Experience

Profession

Real estate developer; Investor

Profile

Bio

Zhang Chang is supposedly a real estate developer and investor based in Beijing who was featured prominently by Artsy in its profile of young Chinese collectors: "It was a Francis Bacon painting at London’s Tate Modern that first inspired young Beijing-based collector Zhang to begin acquiring works. His first purchase was in 2013, and today his collection comprises pieces by the likes of Rudolf Stingel, Urs Fischer, Gerhard Richter, and Takashi Murakami. ...the Suzhou native is currently exploring possibilities for opening an art space next year in Beijing’s Chaoyang district." www.artsy.net/article/artsy-editorial-12-collecto…

Recent news coverage in 2017 has been less favorable with news that Phillips auction house is suing Mr Chang for non-payment of a $24 million guarantee he'd made for their top lot in the November 2016 auction in New York, a Gerhard Richter painting rumored to have been consigned by Paul Allen, and expected to sell for over $25 million. The work garnered no bids in the auction room and sold to Mr Change by default at $24M because of his guarantee. However, the collector refused to pay up since it does not appear he had the funds to make such a payment.

The story gets more complicated. On discovering that Mr Chang was also the successful buyer of a Francis Bacon painting, a diptych study, at a Christie's auction in 2015, Phillips convinced a judge to attach this Bacon to its lawsuit as collateral towards its outstanding payment. Unfortunately, that Bacon may not be owned by Mr Chang since there's now another lawsuit from Lin San, who claims to own the Bacon since he was the one who loaned the funds to Mr Chang to purchase the Bacon in the first place and was still waiting to be paid back the loaned funds. www.artsy.net/article/artsy-editorial-24-million-…

Links Edit

  1. $24 Million Richter and $15 Million Bacon Embroiled in Nonpayment Dispute, Artsy, August 17, 2017
  2. Bacon, Richter Tangled Up in Phillips ‘Jet Fighter’ Crash, Art Market Monitor, August 15, 2017
  3. Modern Master Paintings Cause Legal Pile-Up in NY, Courthouse News Service, August 14, 2017
  4. Lin San Lawsuit in the Supreme Court of the State of New York, Courthouse News Service, August 10, 2017
  5. ​Firm Wins Restraining Order for Phillips Against Deadbeat Art Buyer, June 9, 2017
  6. Chinese art buyers are buying again, Asia Times, November 25, 2016
  7. 12 Collectors Shaping the Chinese Art World, Artsy, November 2, 2016

Art

Artists in collection

Francis Bacon, Urs Fischer, Takashi Murakami, Gerhard Richter, Rudolf Stingel