Art Market Monitor

Global Coverage ~ Unique Analysis

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

Chasing the Defaulting Chinese Bidder

March 27, 2012 by Marion Maneker

Bloomberg did some calculations based upon Sotheby’s nine court filings in Hong Kong against Chinese buyers who have reneged on their bids and comes up with a total of $22m spread over 19 lots. That’s just at Sotheby’s and may not be the full extent of the auctioneer’s loses. Sotheby’s is pursuing a naming and shaming strategy by getting these judgments in Hong Kong.

Some French auctioneers are taking a different approach. Then they’re selling items again and hounding the defalcators to make up the shortfall: “Once we’ve made the sale, we’ll be suing the non-payer for the difference,” Pierre Ansas told Bloomberg.

  • “It’s happening to everyone,” said John Axford, head of Asian art at the U.K. auctioneersWoolley & Wallis. “I don’t know an auctioneer or a dealer who hasn’t been affected.”
  • “It’s an international problem,” London-based dealer Roger Keverne said. “Some Chinese dealers are trying to sell things before they pay for them. We don’t know the full extent of it. The concern is that they can also be the under bidders. They push prices up. It isn’t a genuine market.”

Chinese Art Buyers Renege on $22 Million, Force Clampdown (Bloomberg)

More from Art Market Monitor

  • The Best Deals In The Art Market May Be in Victorian ArtThe Best Deals In The Art Market May Be in Victorian Art
  • Eager-to-Please PerrotinEager-to-Please Perrotin
  • Islamic State Looting Artifacts Estimated at $300mIslamic State Looting Artifacts Estimated at $300m
  • It’s Norman Lewis’s MomentIt’s Norman Lewis’s Moment
  • You've Got a Friend in 'Jesus'You've Got a Friend in 'Jesus'
  • “Please, no questions about purchases and money”“Please, no questions about purchases and money”

Filed Under: General

About Marion Maneker

LiveArt

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

  • 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