A Chinese billionaire, Liu Yiqian, made headlines by purchasing Amedeo Modigliani’s Reclining Nude for $170 million at a Christie’s auction, using his American Express card. Known for his extensive collection of Chinese antiquities and art, Liu had previously put a $36 million Ming Dynasty tea cup on his card.
Although American Express hasn’t confirmed the transaction, spokesperson Elizabeth Crosta stated that such high-value purchases can be managed on a case-by-case basis, particularly for high-spending clients like Liu, who possesses an invitation-only Amex “black card” with no official credit limit. This purchase would yield Liu approximately 170.4 million membership reward points, potentially allowing him and his family to travel extensively for life.
Travel rewards expert Zach Honig suggested that converting those points could enable Liu’s family to fly first-class between the US and Europe numerous times. Moreover, Liu may have opted for this route to circumvent China’s annual limit on foreign currency transfers.
However, Christie’s could lose out on substantial fees due to American Express’s service charges, which may significantly impact the final profits from the auction.
