Page 92 - C.T. Loo A paper about his impact and activities in the Chinese art Market

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Credit/Deposit System

It is not uncommon that collectors help finance dealers’ business. 178 Like Joseph

Duveen, C. T. Loo had clients who were bankers or had banking influence. 179 Loo

established a credit relation with his committed customer Grenville L. Winthrop, who

came from a family of bankers. 180 Based on the information from Winthrop’s account

book, regular remittance, often monthly, ranging from $1,000-to $7,000 was sent from

Winthrop to Loo between 1931 and 1942. 181 Loo thanked Winthrop after receiving the

check, “Once more I wish to thank you for your kind remittance of $5,000, this seems

like something from the government it is always so regular.” 182 The volume and

frequency of the transactions between Loo and Winthrop was remarkable: A monthly

deposit of $5,000 was made from December 2, 1931 to November 1,1935. From January

4, 1932 to December 1, 1932, Winthrop made a $60,000 deposit and spent $41,800 to

purchase a group of important jades and sculptures. 183

178 Loan arrangements were made between Freer and the Japanese dealer Matsuki
Bunkyo.“…usually when Matsuki was preparing for his annual buying trip to Japan,
Freer loaned him large amounts of money to enable him to buy stocks of objects.”
(Lawton 1993, 101-2) In return for Freer’s financial support, Matsuki gave Freer the first
choice of his finest objects.
179 According to Samuel N. Behrman, a considerable number of Joseph Duveen’s
customers had banking influence. Ben Duveen acquired Morgan, Altman, P.A. B.
Widener as both clients and financial advisors. Joseph Duveen established a credit system
in which buyers would not make any cash down payment or be pressed for cash for their
purchase (Behrman 1951, 124-6).
180 “Winthrop’s father was a private banker, his mother the daughter of a banker.”
(Riopelle 2003, 9)
181
Grenville L. Winthrop’s account book, purchases from Loo, HUAMA.
182 C. T. Loo to G.L.Winthrop, May 3, 1932, HUAMA.
183 G. L. Winthrop’s account book, HUAMA.