President Xi Jinping's austerity drive has sent China's high rollers running for cover, emptying casinos and golf courses as vin ordinaire becomes the new Chateau Lafite. Billionaire art collector Liu Yiqian doesn't seem to have gotten the memo.
The Shanghai-based former taxi driver is on a buying binge that has left rivals gasping at auctions as he outbids all comers for ancient scrolls, Tibetan silk embroideries and imperial porcelain. He's built and filled two museums with more than 2,300 works, including contemporary pieces by Jeff Koons and Yayoi Kusama. In the past year he's spent more than $115 million picking up such treasures.
Liu, 52, is a classic rags-to-riches story of new China, a high school dropout who made his fortune in the country's nascent stock trading of the 1980s and '90s. What sets him apart is the delight he takes in behaving like a Chinese Beverly Hillbilly who has no idea about designer labels (his wife buys his clothes) and still does the grocery shopping when she's too busy.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.