Celebrated for his lavish spending on artworks (most famously the $170.4 million for Modigliani’s 1917–18 Nu Couché), billionaire collector Liu Yiqian was opening up about the other costs of his fetish for cultural artefacts in Kejia Wu’s art market report on China, commissioned for TEFAF. Liu put the annual loss at the West Bund outpost of his Long Museum (one of two in Shanghai, curated by his wife Wang Wei) at a cool $6m. Relatively nothing then. The private museum continues to display works from the couple’s extensive holdings – numbering over 2,000 works – of traditional and contemporary Chinese and international art. Notably this year, the Long Museum hosted a first Chinese institutional show for American superstar Mark Bradford, whose exhibition Los Angeles went down a storm in Shanghai.