art futures investment scammer no idea about property
Investors warning
Art Futures Group (AFG) (http://sg2015.invest-fair.com/speakers / https://artfuturesgroup.com/southside-magazine/ ) is selling property as investment in Indonesia:
Read before you invest:
https://www.iol.co.za/personal-finance/investors-are-losing-millions-on-overpriced-chinese-art-19827836
https://www.facebook.com/groups/AFGfraud/members/
https://www.complaintsboard.com/art-futures-group-b128448
https://www.bloomberg.com/news/articles/2019-03-06/investors-are-losing-millions-by-buying-and-leasing-chinese-art
https://www.complaintsboard.com/complaints/art-futures-group-overpriced-chinese-contemporary-art-buy-lease-scam-c843856.html?page=2
https://artfuturesgroup.com/southside-magazine/
They are claiming that a foreign jurisdiction can give you protection from Indonesian law. That is completely ridiculous.
You can google and read all the stories of foreigners that have lost their money trying to subvert the Indonesian constitution. It states that Indonesian land is for Indonesian citizens.
Comment: This page appears to have been written to praise its subject rather than to describe the subject neutrally. Wikipedia is written from a neutral point of view. If this draft is resubmitted without being reworked, it may be nominated for deletion. Robert McClenon (talk) 13:33, 15 September 2019 (UTC)
this is a statement pertaining to an article previously published and subsequently retracted by bloomberg news
Correction and Apology
On 7 March 2018 I authored an article published on www.bloomberg.com which contained various claims about Art Futures Group.
Bloomberg has retracted the article because my reporting failed to meet its editorial standards for fairness and accuracy.
The article wrongly suggested that Art Futures Group induced investors into overpaying for art. I acknowledge that I d I'd not have evidence to support that claim. I also acknowledge that other aspects of the article were inaccurate.
I unequivocally withdraw the allegations made against Art Futures Group and unreservedly apologize to Art Futures Group for any harm the article may have caused.
Frederik Balfour
Whilst many of Art Futures Group clients, commenting on this website, hoped that the Bloomberg article referred to by Freddie Balfour would help expose this scam and somehow get our money back or have Hong Kong police or other relevant government agencies take action, not ONE has and somehow it has all turned against us and we ended up more victimised than before...NONE of us have had any luck trying to sell our art as at the time of writing...NONE of the rental contracts 'already in place' at time of purchase, were renewed with the alleged corporate client supposedly displaying our art pieces in their offices (any business who rented from AFG/Maceys and others raise your hand if you did enter into this rental deal).
Incentives offered to us the 'naïve art' clients were extensive with PROMISED returns of 20%/annum, rental contracts at 6%/annum, five years free storage/insurance (supposedly including the 2 years of the rental period) and the end to end service of buying and then selling the art. NOT ONE OF THESE INCENTIVES/GUARANTEES/PROMISES have fructified. NOT ONE SINGLE EFFING ONE.
How can this not be understood to be lies, and how can a reputable media outlet like Bloomberg's not get this investigation right?!
Deliberate evasive action was taken by AFG to stop Bloomberg's using a professional camera, insisting that only phone pics were allowed (when Balfour tried to arrange to take photos at the storage facility for the purpose of publishing with the article) - explain that one. Fear of the actual artwork being exposed for what we all believe to be the truth - works wholly or partly completed by the artists' students at rapid rate, low price and then hard sold talked to us, the naïve art clients (one of the first questions asked of us by the 'specialist' art brokers, 'have you bought art before') at EXHORBITANT prices.
If this is not an art scam, then it would behoove the CEO's of these businesses to simply provide evidence of the art transferring to the client and back again at the end of the lease (requests for such documentation has NOT been provided). The actual artists themselves knowing of these articles damning their works would surely want to protect their reputations but publishing their own statements - not ONE has to date. How about the so called corporate clients (touted by AFG as lawyers, bankers and financiers) posting to the web that they have indeed rented these pieces. Again not ONE.
How bout leading auction houses who won't take the art without reasons given except 'this art does not suit our clientele' when auction results from them show that these artists have indeed been sold through them. It's interesting to note that auctions outside of China/Hong Kong have not realised the same high prices attained locally - perhaps seeding the auction rooms with cross bidding is easier to do in the same geographical area then flying overseas.
Police reports, HKCC reports, legal briefs and general content published all over the internet still has not stopped this rental art scam. Dozens and dozens of us from here and Facebook are still being contacted by Macey's with promises of selling any art you buy from them, within 2 years, if you're willing to buy more of their art.
We all thought something would come of the investigation and reporting by Balfour, but now our art is so exposed out there, everyone is steering very clear of any of it..just the mention of AFG to auction houses results in a deathly silence.
At the time of writing this, I have again contacted a leading auction house, who did show interest in one of my pieces, for the online auction only, but with an estimated value of 1/30th of what I paid for it (i.e. bought for hk$288, 000.00, auction estimate hk$10-20, 000.00) - explain that one, oh, wait a minute, Douglas Lucas did explain it by stating 'auction houses think they are a force unto themselves'...oh dear oh dear oh dear, words from the specialised art expert. Just where did all of you get your art education, huh?
To summarise, sociopaths are abundant in fly by night businesses world wide...Jeremy Kasler, original CEO of Art Futures Group dumped the business on Jonathan Macey, an ex employee of AFG, to hightail out of Hong Kong, rumoured to be heading to Australia with his new venture CityYield, another rental back type of (property) business with guaranteed return...yeah right..wonder if he shipped his Maserati or Porsche or whatever high end car he bought with our money along with his contented wife and child.
A fact I can tell you, someone is going to be rotting in hell, and it won't be me..
GIVE BACK OUR MONEY
art investment advisory - inflated pricing and fabricated rental market
AFG uses relentless cold calling techniques (not sure how they obtained my number) and promises of 6% yield on artwork purchased through a corporate rental programme. The rental is guaranteed for 2 years after which they claim to be unable to rent the artwork. In reality, none of their artworks are rented out and the price initially paid is inflated to cover a hefty profit for them plus the 6% rental yield for 2 years.
Their initial sales pitch relies heavily on auction results for their artists and they advise that you can sell the work in 3-5 years and make ~ 20% pa return. I bought a painting from them in 2012 and 7 years later the reality is that no auction houses are interested in their art and AFG advises that you buy more pieces from them as it is easier to sell a collection of work - don't fall for it!
Please be wary.
have you seen the main complaint here about AFG, as they have started a Facebook action group - post or find them on FB (private group)
Is Art Futures Group legit?
Art Futures Group earns 85% level of Trustworthiness
Excellent Trust Notice: Art Futures Group near-perfect at 85% trust. Use with confidence, maintaining usual caution.
We found clear and detailed contact information for Art Futures Group. The company provides a physical address, 6 phone numbers, and email, as well as 3 social media accounts. This demonstrates a commitment to customer service and transparency, which is a positive sign for building trust with customers.
Artfuturesgroup.com has a valid SSL certificate, which indicates that the website is secure and trustworthy. Look for the padlock icon in the browser and the "https" prefix in the URL to confirm that the website is using SSL.
Artfuturesgroup.com appears to have online shopping features, it's important to know that the platform supports an extensive range of payment methods, making it convenient and easy to complete your transaction. The payment procedure on the website is also relatively simple and straightforward, ensuring a smooth and hassle-free experience for buyers.
However ComplaintsBoard has detected that:
- Art Futures Group's complaint resolution process is inadequate and ineffective. The support team lacks customer service skills, training, and resources, resulting in only 0% of 0 complaints being resolved.
- The website belonging to Art Futures Group has a low number of visitors, which could be a red flag for users. However, it's important to conduct additional research to fully evaluate the website's legitimacy and trustworthiness.
- This website appears to offer a link shortening service. Scammers may also use shortened links to make malicious or fraudulent websites appear more legitimate or to hide the true destination of a link. Therefore, it's important to exercise caution when clicking on shortened links, particularly if they come from an untrusted or unfamiliar source.
- We conducted a search on social media and found several negative reviews related to Art Futures Group. These reviews may indicate issues with the company's products, services, or customer support. It is important to thoroughly research the company and its offerings before making any purchases to avoid any potential risks.
services
I am from HK. I was contacted by AFG and invited for a visit to their office in Central. A large office space with 20 staff. But I was assigned two brokers, one new and one experienced. But what I asked them about my target artists of their artwork pieces, e.g Liu Yeh, Wang GuangYi, Tseng Fengzhi, or even some world famous artists, Kusama, Nara, etc, all those artists were not heard by them at all. They will introduce you so called well known Chinese artists, with good bidding records in artsy, artnet etc. Those pieces are very high, high, higher than I can souce from sothebys or christies with the same media, around the size they provided but with well history of bidding records in world known auction houses. As i am a frequent bidder, so i know more about it than those staff. Really a terrible experience i ever got.
These same people are now running a company called CaskX in the USA. Buyer beware!
scam art investment
Was called up by a salesman in KL sometime in 2015...the scam exactly like many mentioned.. guaranteed 2years rental n paid to us upfront after our payment. Overall we invested into 4 paintings. After 2 years, in 2017...same excuses as seen like the rest, couldn't find rentee n buyers n blah blah blah.. contacted that Douglas on what's the shipping cost to return the painting to us which cost a bomb. Their modus operandi sound so much like the famous wine investment scam in Singapore and Malaysia
please join the FB - https://www.facebook.com/groups/AFGfraud/ and email your statement to traineeinvestor@gmail.com who is going to approach a lawyer for upfront cost to proceed with claims against AFG.
overpriced chinese contemporary art buy / lease scam
After completing an online survey about purchasing art from Hong Kong, with leases in place, I purchased 5 paintings between May 2012 and October 2013, all offered with corporate leases in place, returning 6% per annum. AFG's salesman, James O'Dell, pushed hard over the phone, not allowing me to talk, and railroading me into buying. I never thought to...
Breach of trust
Money was Paid .Artwork not delivered. Breach of terms and conditions. Failure to deliver as promised in sales representations.
Rental payments stop. Failure to provide service and exit as promised. Office abruptly closed, poor after crisis handling and management.
These same people are now running a company called CaskX in the USA. Buyer beware!
Overview of Art Futures Group complaint handling
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Art Futures Group contacts
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Art Futures Group phone numbers+852 37 587 888+852 37 587 888Click up if you have successfully reached Art Futures Group by calling +852 37 587 888 phone number 1 1 users reported that they have successfully reached Art Futures Group by calling +852 37 587 888 phone number Click up if you have UNsuccessfully reached Art Futures Group by calling +852 37 587 888 phone number 0 0 users reported that they have UNsuccessfully reached Art Futures Group by calling +852 37 587 888 phone number100%Confidence scoreHong Kong+852 28 588 555+852 28 588 555Click up if you have successfully reached Art Futures Group by calling +852 28 588 555 phone number 1 1 users reported that they have successfully reached Art Futures Group by calling +852 28 588 555 phone number Click up if you have UNsuccessfully reached Art Futures Group by calling +852 28 588 555 phone number 0 0 users reported that they have UNsuccessfully reached Art Futures Group by calling +852 28 588 555 phone number100%Confidence scoreArt Futures Gallery+86 108 588 0085+86 108 588 0085Click up if you have successfully reached Art Futures Group by calling +86 108 588 0085 phone number 1 1 users reported that they have successfully reached Art Futures Group by calling +86 108 588 0085 phone number Click up if you have UNsuccessfully reached Art Futures Group by calling +86 108 588 0085 phone number 0 0 users reported that they have UNsuccessfully reached Art Futures Group by calling +86 108 588 0085 phone number100%Confidence scoreChina+853 82 942 413+853 82 942 413Click up if you have successfully reached Art Futures Group by calling +853 82 942 413 phone number 1 1 users reported that they have successfully reached Art Futures Group by calling +853 82 942 413 phone number Click up if you have UNsuccessfully reached Art Futures Group by calling +853 82 942 413 phone number 0 0 users reported that they have UNsuccessfully reached Art Futures Group by calling +853 82 942 413 phone number100%Confidence scoreMacau+60 326 152 775+60 326 152 775Click up if you have successfully reached Art Futures Group by calling +60 326 152 775 phone number 1 1 users reported that they have successfully reached Art Futures Group by calling +60 326 152 775 phone number Click up if you have UNsuccessfully reached Art Futures Group by calling +60 326 152 775 phone number 0 0 users reported that they have UNsuccessfully reached Art Futures Group by calling +60 326 152 775 phone number100%Confidence scoreMalaysia+65 68 297 026+65 68 297 026Click up if you have successfully reached Art Futures Group by calling +65 68 297 026 phone number 1 1 users reported that they have successfully reached Art Futures Group by calling +65 68 297 026 phone number Click up if you have UNsuccessfully reached Art Futures Group by calling +65 68 297 026 phone number 0 0 users reported that they have UNsuccessfully reached Art Futures Group by calling +65 68 297 026 phone number100%Confidence scoreSingapore
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Art Futures Group emailsinfo@artfuturesgroup.com100%Confidence score: 100%Support
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Art Futures Group headquarters5th Floor, 8 Wyndham St., Central, Hong Kong, Hong Kong
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