Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Sotheby’s Lowers Deposits for Upcoming Meiyintang Lots

September 7, 2011 by Marion Maneker

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)

More from Art Market Monitor

  • Christie’s Hong Kong 20th C & Contemporary Evening Sale Breaks a Billion HKD ($132.6m)Christie’s Hong Kong 20th C & Contemporary Evening Sale Breaks a Billion HKD ($132.6m)
  • Phillips 20th Century & Contemporary Art & Design, Hong Kong = $119.84m ($15.36m)Phillips 20th Century & Contemporary Art & Design, Hong Kong = $119.84m ($15.36m)
  • With Sales in Hong Kong, Christie’s & Phillips Test the Asian Market’s Appetite for Western Contemporary ArtWith Sales in Hong Kong, Christie’s & Phillips Test the Asian Market’s Appetite for Western Contemporary Art
  • Hong Kong Rises as Gem & Jewelry Center Reflecting Asian Appetite for Alternative Stores of ValueHong Kong Rises as Gem & Jewelry Center Reflecting Asian Appetite for Alternative Stores of Value
  • Takashi Murakami, with a Retrospective Opening in Russia, Still Wants Recognition in His Homeland Takashi Murakami, with a Retrospective Opening in Russia, Still Wants Recognition in His Homeland 
  • Is Tepid Hong Kong Sale of Warhol’s Mao a Sign of the Chinese Market’s Lack of Interest?Is Tepid Hong Kong Sale of Warhol’s Mao a Sign of the Chinese Market’s Lack of Interest?

Filed Under: Emerging Markets Tagged With: Hong-Kong

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • David Hockney's $20m Pacific Coast Highway & Santa Monica
  • Tony Podesta's Secret Art Buying
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Phillips to Showcase Helen Frankenthaler at Southampton Outpost
  • Re-discovered John Constable Painting at Sotheby's in December
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Christie's Announces $70m Picasso Self Portrait
  • What Constitutes a Collection?
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor