Extremely visible Chinese art collector, Liu Yiqian was quoted in a South China Morning Post story, citing a Mainland newspaper interview, about how important it is to see others interested in buying a work. Implicit in these comments is the idea that newer buyers are willing to pay a premium for works that are validated by others. This is worth noting in today’s market where auction houses provide the attributes a buyer like Liu clearly seeks:
In an interview with the Guangzhou newspaper Nanfang Daily, Liu said he judged an artwork’s value by how many people were bidding.
“You may know nothing about the background, time and story behind the artwork. But we can make up for that by observing how many people are vying for it,” Liu said.
He added that extremely expensive art pieces were much less likely to be forgeries.
“When there are many bidders at auction, it proves the work is widely recognised and must be a good one,” he said.
How Chinese billionaire collector Liu Yiqian values his art (South China Morning Post)