More Details on the YSL Sale and the Chinese Bronze Animal Heads

Just a short update, Le-Min Lim of Bloomberg has a good story on on Cai Mingchao who was the winning bidder of the two bronze Chinese figural animals heads of a rat and a rabbit. The two items totaled about $40 million and Cai then stated he would not pay and it was his plan to sabotage the auction due to the disputed ownership and rights of Chinese cultural heritage of the bronzes.

The Bloomberg pieces states Cai as a dealer has lost much credibility and may lose his business. When we are out to manipulate and deceive, one has to be ready for the consequences.

Lim reports Cai, 44, spoke in an interview after turning away hundreds of calls from reporters about the Feb. 25 sale. He was praised in China for walking away from the bronzes, which were plundered by foreign troops, and has been condemned by other dealers. In the world of high-end art sales, where millions of dollars worth of items may sell on the basis of a phone call or handshake, defaulting is seen as unprofessional.

“This has damaged me: I have lost the business I love,” said Cai, in his office in the southeastern city of Xiamen. Cai said he had bid with the intention of paying, then had second thoughts and decided it’s wrong to do so. He again denied acting in concert with China’s government.

Lim conintues In Cai’s 2,000-square-foot office, hydraulic-powered mahogany doors opened to reveal a sanctum lined with ceramics and Buddhas dating back as far back as the 14th century.

He swiped his wallet across a section of wall embedded with an electronic lock and a secret stairway appeared, leading to an underground showroom with hundreds of antiques.

Cai said that, fearing for his reputation, he’s canceling Xinhe’s spring sale, which tallied 47.4 million yuan last year, one of the Fujian province’s biggest. The fall sale may also be called off.

If he could do it again, Cai isn’t sure he would bid for the bronzes.

“No one (in the government) knew what I was doing,” said Cai. “Even if they knew, they wouldn’t look for me. Why should I help? I am not on their payroll.”

He said he’s now trying to pick up the pieces of his life. If he ends his art-auction activity, Cai said he may focus on his real-estate and securities trading businesses.

“When I turn on my cell phone and walk out of this place, I really don’t know what kind of life I will have,” he said.

For some reason, I bleive Mr Cai will land on his feet when all is said and done. I have seen many fine and decorative arts figures/dealers embarrassed and reputations tarnished only to have them reappear within the markets, sometimes even stronger. To read the Bloomberg article, click HERE.