Delinquent, delayed payments stumble Chinese auction market

  • April 17, 2011 23:01

  • Email
Bronze zodiac rat head

China has catapulted to the world's largest art auction market, ahead of the U.S. and U.K., with an estimated $8.3 billion in sales, according to But are mainland buyers slow to pay sellers, or paying at all for their bids?

Newsweek takes a look at the rise of the Chinese mainland collector, and how and why their payments may be missing for star auction lots such as the 18th century imperial vase sold in Britain last November for a record $83 million.

Among the memorable recent cases of non-payment came during the immense Yves Saint Laurent estate sale held by Christie's in 2009. Chinese dealer Cai Mingchao repatriated two sculptures stolen by foreign soldiers from Beijing's Summer Palace -- 18th c. zodiac animal heads -- for $19 million, but refused to pay for them on patriotic grounds.

Read more at Newsweek

  • Email

More News Feed Headlines

Peter Carl Fabergé; Henrik Emanuel Wigström, workmaster.  Rose Trellis Egg (detail), 1907.  Bequest of Henry Walters, 1931 44.501

Revel in Fabulous Fabergé Imperial Easter Eggs

  • ArtfixDaily / April 9th, 2020

Easter eggs are among the most fabled and intricately-crafted treasures from the firm of Peter Carl Fabergé ...

Christie's New York

Christie's Fined $16.7 Million by Manhattan DA

  • ArtfixDaily / April 9th, 2020

Manhattan District Attorney Cy Vance, Jr. announced Thursday "the resolution of an investigation into Christie's ...


Go On a Virtual Tour of Thomas Jayne's Soho Loft on House Beautiful's Live Instagram, Tuesday, April 14

  • ArtfixDaily / April 8th, 2020

House Beautiful has been developing a creative mix of live events for its Instagram feed focused ...

Peace Terrace and view of Lake Merritt.  Courtesy of the Oakland Museum of California.

U.S. Arts Organizations Have Already Lost $4.5 Billion During Coronavirus Crisis, Per Study

  • Americans for the Arts / April 8th, 2020

The COVID-19 pandemic has cost U.S. arts and cultural organizations an estimated total of $4.5 billion since a survey ...


ARTFIXdaily Artwire