It looks like not all the revenue ticked up at auction last fall turned into a tangible upside for Sotheby's. The auction house is suing two Chinese buyers for $270,300 (RM 925,000) because they never paid the tabs they bid up.According to Sotheby's, the winning bidder of a Qing Dynasty cloisonné censer and cover didn't pony up the cash required, "despite repeated requests and demands." Ouch ! Another purchased took five antique paintings without paying the tab, Bloomberg News reports.
According to Kevin Ching, CEO of Sotheby's Asia division, the company wants "to send a message it won't stand for defaults." Ching continues, "We can't have people bid at our auctions and disappear without paying." To show he's serious, he says he's willing to pursue legal action in mainland China, on the off chance that "they think the long arm of Hong Kong law couldn't reach them." And, with Hong Kong now the third largest art market in the world (after New York and London), the message will reach a pretty broad audience.
Sotheby's won't reveal the identities of the non-payers, citing confidentiality policies.
Via : Luxist
No comments:
Post a Comment