Oakland private school faces financial crisis after donated art turn out to be worthless

OAKLAND, Calif. (KGO) -- A private school in Oakland is facing a financial crisis after donated art, believed to be expensive, turned out to be worth not much at all.

A generous donor gave Pacific Boychoir Academy several Chinese paintings about a year and half ago worth $2.8 million, according to the family's appraiser.

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The school took out a 10 percent loan on their value for new programs at the school.

But when they went back to discuss next year's school budget and decided to sell the paintings, a different appraiser told them they are only worth a few thousand dollars.

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"There's a long tradition in Chinese painting of master artists copying other master artists, so that's part of the Chinese art business," said school board member Ronald Cohen, explaining the misunderstanding.

Now school representatives say they are just looking for a financial path forward which includes a GoFundMe page.
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