Anonymous ID: 985439 March 4, 2019, 8:49 a.m. No.5500676   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>0689 >>0694

Thomas Sowell

@ThomasSowell

ยท

22h

โ€œI cannot understand people who say that minorities should be represented everywhere and yet are upset when there are blacks represented in the conservative movement.โ€

Anonymous ID: 985439 March 4, 2019, 8:57 a.m. No.5500787   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

 

Joel B. Pollak

@joelpollak

ยท

2h

School may close because it took out big loans based on donation of valuable art that turned out to be fake

 

$2.8 million art donation to small Oakland school leads to chaos

 

When the small Oakland private school received the donation of four Chinese paintings, valued at $2.8 million, administrators were gobsmacked.

 

The paintings arrived about a year ago, but unable to immediately sell them because of IRS rules, school officials borrowed $400,000 against the imminent windfall to boost staff and build their program. An admissions director was added. So was a web designer, and a Latin teacher.

 

Then came the shocking news. In February, as school officials readied to sell, they took the art to Bonhams auction house in San Francisco, where Asian art experts evaluated the paintings.

 

The paintings were fake. Copies. Reproductions of original works by Li Keran, Fu Baoshi, Zhang Daqian and Shi Tao.

 

And definitely not worth $2.8 million, the experts said. They were basically worthless. Other experts agreed.

 

The school was just getting by when the paintings arrived. The loans have put it in deep financial trouble, making it unable to cover $270,000 in operating costs through the end of the year.

 

Tuition is $24,000.

 

https://www.sfchronicle.com/bayarea/article/2-8-million-art-donation-to-small-Oakland-school-13660076.php?