A Chinese company known for recycling bricks and concrete has made a detour into fine art, offering up a securitised version of a 16th-century Michelangelo painting depicting the crucifixion of Christ.
Nasdaq-listed Yulong Eco-Materials agreed this week to buy the work “Crucifixion” by the Italian master for $75m, according to a statement from the company. To pay for it, the group will sell 7.5m in shares at $10 a piece, in effect securitising the masterpiece.
Until recently Yulong described itself as a waste hauler and vendor of eco-friendly building products operating in China. Its abrupt pivot comes just months after it said it had bought a sapphire for $50m, paying for it with a similar share sale.
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