Art Market Monitor

Remember the bidder from the YSL sale who reneged on his commitment to buy the two zodiac clock heads? Well, he’s not the only Chinese buyer who hasn’t followed through. Though he may be the only one who did it for patriotic reasons. T

he Financial Times reveals that Sotheby’s is pursuing two Chinese buyers who have not paid for the lots they won at auction last year. A Shenzhen resident bought five paintings for HK$1.3m. The FT gives some background on the auction house’s debt collections on the mainland:

In 2006, Sotheby’s was forced to file its first arrears cases in Hong Kong in at least a decade when it sued a Chinese buyer for HK$1.9m over two Chinese paintings. It later took the case to a mainland court, the first time the auction house issued a writ of that kind in China.

Two years ago, it sued a Chinese collector for HK$6.8m, saying the buyer failed to pay for a contemporary Chinese painting that he won in an auction in Hong Kong. Both cases have been settled. Sotheby’s, which said there were delinquent bidders in all markets, sued a watch buyer from Hong Kong in 2007.

Sotheby’s Sues Chinese Buyers for ‘Non-payment’ (Financial Times)

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