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DEFAULT AT AUCTION

Bloomberg carried another article about Chinese buyers failing to pay or pay in full  for art purchased at auction. According to this article some jade purchased at auction in France was not paid for by a Chinese buyer. Sotheby’s introduced a requirement last April  that bidders pay a deposit for premium lots.  The deposit is HK $ 1 million (US $ 128,791).

Christie’s now has a similar requirement. If you are interested in any High Value lot ( a lot with low estimate of HK $ 8,000,000, or above), you are invited to complete the High Value Lot pre-registration and pay a deposit of HK $ 1,000,000.  And you will be given a High Value paddle for identification purposes.
I am not sure if this is an uniquely Chinese buyer problem – right now it  seems to be for Chinese art – but I imagine any art bought at auction  by buyers from other high profile and  quickly developing economies/countries might show a similar pattern. Or am I wrong here?
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