The Financial Times reports that Sotheby’s has changed its rules for bidding on some of the premium lots in the upcoming Hong Kong sales. The strict rules surrounding the Meiyintang lots which required deposits of up to US$1m have been loosened for the second tranche of ceramics soon to be sold:
Sotheby’s has relaxed the rules somewhat for the Meiyintang sale in October. They have gone back to telling buyers that they may be asked for a HK$1m deposit for top items, though Sotheby’s reserves the right to ask for more if required. The Meiyintang seller was very happy with the payment for the items sold in April, Mr Ching explained, so they decided to drop the HK$8m deposit requirement.
However, Sotheby’s is not letting its guard down. It has also broadened the deposit requirement to lower-value items for the first time. Under the registration requirements, potential bidders are told they may be required to put down a deposit of at least HK$200,000 per item. It’s simply an extension of what’s becoming an industry-wide practice, Ching said.
Chinese Art Buying: Froth Coming Off? (Financial Times)
