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Chinese Company Becomes Major Shareholder in Sotheby's
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Chen Dongsheng
China's Taikang Life Insurance disclosed last Wednesday that it had become Sotheby's biggest shareholder, with a 13.52% stake.
Taikang is run by Chinese tycoon Chen Dongsheng, who helped found China Guardian Auction Co.
Chen is an established power player in the Chinese art market. He modeled his own auction company after Sotheby's.
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60x60_c.jpg "Idelle Weber (b. 1932) Escalator, 1964 Acrylic on panel 8 x 10 1/2 inches")
![Paa Joe (1947, Ghana) [Fort] Gross-Friedrichsburg – Princestown. 1683 Brandenburg, 1717-24 Ahanta, 1724 Neths, 1872 Britain 2004–2005 and 2017 Accra, Ghana Emele wood and enamel 40 x 100 x 70 in. Courtesy of the artist and Jack Shainman Gallery, New York Photo © Paa Joe, courtesy of the artist and Jack Shainman Gallery, New York](/images/cache/snail/PaaJoe_3F60x60_c.jpg "Paa Joe (1947, Ghana) [Fort] Gross-Friedrichsburg – Princestown. 1683 Brandenburg, 1717-24 Ahanta, 1724 Neths, 1872 Britain 2004–2005 and 2017 Accra, Ghana Emele wood and enamel 40 x 100 x 70 in. Courtesy of the artist and Jack Shainman Gallery, New York Photo © Paa Joe, courtesy of the artist and Jack Shainman Gallery, New York")
