Shanghai Auction Executives Sentenced in Major Fraud Case as Industry Scrutiny Intensifies

Two former managers of a prominent Shanghai auction house have been sentenced to lengthy prison terms for orchestrating an extensive fraud scheme that led one collector to spend about RMB 500 million ($74 million) on counterfeit or grossly overpriced artifacts.Hong Kong media reported on Wednesday that the collector, from Shandong province, purchased more than 40 items from Shanghai Jiahe Auction Co., Ltd., only to discover that authentication documents revealed many were forgeries or had been a