Relative of Chairman Mao Becomes Largest Single Shareholder in Sotheby’s

Cheng Dongshen,

A Chinese life insurer, Taikang Life, headed by a relative of Mao Zedong has become the largest single shareholder in the auction house, Sotheby’s, taking a 13.5 per cent stake.

The life insurer was founded and is run by Cheng Dongshen, grandson-in-law of Chairman Mao.

So much for communism.

According to FT, Taikang Life cited a “positive view” of Sotheby’s business as the primary reason for the purchase in a filing with the US Securities and Exchange Commission.

It seems as though Hillary is the last man standing who still wears a Mao suit.

   -RW