Pharaoh
Brigadier General
- Messages
- 20,307
I got some (sadly, not enough to name the company involved) info from a forex trader friend in Hong Kong.
He was called on his private number. The caller knew his name and knew to start the conversation in English. He suspects that a health insurance company in Hong Kong that he'd contacted for a quote sold his info.
The caller was trying to get him to invest in Chinese artworks and went on and on about how these are gaining value faster than any other art. Irrelevant references to non-Chinese artists were used to reinforce what a great investment this was.
My friend ended the call before getting the company name or learning if this was some sort of investment pool or if it was direct purchase of works of art.
Either way, I'll suggest this is a scam for the following reasons:
1. If it's such a great money making opportunity, cold calling would be 100% unnecessary.
2. If it's a pooled investment, there's no easy way to assess how much money is being spent on art and how much is being spent to pay the cold callers, company execs, etc. Can you say PONZI?
3. If it's direct purchase of art, and, even if the Chinese art market is exploding, there are plenty of artists who's work will never be worth anything. If a dealer knew something was a great investment, why the hell would he call total strangers instead of taking the deal himself or referring it to good friends and established clients?
My advice to anyone who gets calls like this - string the person along just long enough to get the company name or have some literature sent to you. Then post the information here at the FPA as a warning to others to avoid the scheme at all costs.
He was called on his private number. The caller knew his name and knew to start the conversation in English. He suspects that a health insurance company in Hong Kong that he'd contacted for a quote sold his info.
The caller was trying to get him to invest in Chinese artworks and went on and on about how these are gaining value faster than any other art. Irrelevant references to non-Chinese artists were used to reinforce what a great investment this was.
My friend ended the call before getting the company name or learning if this was some sort of investment pool or if it was direct purchase of works of art.
Either way, I'll suggest this is a scam for the following reasons:
1. If it's such a great money making opportunity, cold calling would be 100% unnecessary.
2. If it's a pooled investment, there's no easy way to assess how much money is being spent on art and how much is being spent to pay the cold callers, company execs, etc. Can you say PONZI?
3. If it's direct purchase of art, and, even if the Chinese art market is exploding, there are plenty of artists who's work will never be worth anything. If a dealer knew something was a great investment, why the hell would he call total strangers instead of taking the deal himself or referring it to good friends and established clients?
My advice to anyone who gets calls like this - string the person along just long enough to get the company name or have some literature sent to you. Then post the information here at the FPA as a warning to others to avoid the scheme at all costs.
