Many appraisers have been following the sale at Bainbridge Auction this past November of $68.8 million sale of an Imperial Qianlong vase. The record price for the piece amazed most in our field, as well as the after sale issues of non payment, and rumors of authenticity.
The Antiques Trade Gazette has a good article updating all of the details of the sale and after sale issues as well as auction house and owner rights. One of the issues at hand as reported by the Guardian UK is the purchaser is protesting the 20% buyers commission. It also appears that if the buyers premium is lowered to appease the purchaser, future sales and even claims made by under-bidders could have grounds for a suit and legal complications.
Click HERE to read the ATG article. The Guardian UK reports the hold up is the buyer is upset with the 20% premium (around $14 million).
As a sidebar, in the 2011 edition of the Journal of Advanced Appraisal Studies, Asian art expert Daphne Rosenzweig, Ph.D., ISA CAPP wrote an article about Qianlong and his marks. Now here is a shameless plug, but it does shows how timely and important the journal is for appraisers. Daphne submitted her completed article on Qianlong marks before the Bainbridge sale, she was not reacting to the sale, but had the pulse of the Qianlong market well before the vase sold. After the sale, she was able to add a prologue about the record setting sale. Order a copy of the Journal below.
The Guardian reports
To read the Guardian UK article, click HERE.It is believed that the buyer objects to paying such a steep commission. Buyer's commission in the leading auction houses is on a sliding scale, and on a sale price of £43m would reduce to about 14%. Bainbridge's, a smaller company, is unaccustomed to prices needing a sliding scale.
The news follows recent press speculation that the buyer has no intention of paying up, that he was a stooge of Beijing sent to sabotage western auctions selling antiques taken illegally from China by British and French soldiers in the 19th century. In 2009 the art world was shocked at a Chinese buyer refusing to pay £25.4m which he had bid for objects at Christie's.
Reports of a Bainbridge's sabotage were dismissed. Although the buyer's identity has yet to be disclosed, sources confirmed him as a prominent industrialist who buys at Sotheby's.
The 18th-century vase was consigned for sale by a family who had inherited it. It had been in a modest London bungalow.
Ivan Macquisten, the editor of Antiques Trade Gazette, the industry's weekly, said Bainbridge's was in a difficult position. "If Bainbridge's reduces the buyer's commission, they could face legal action from any failed underbidder arguing that he could have bid higher with a lower premium. Reducing the buyer's premium after the sale would put the underbidder at a disadvantage. This effectively means that Bainbridge's has no discretion in the matter."
If the sale falls through the sellers may not have an automatic right to get the vase back. Macquisten said: "Whilst the exact terms and conditions of the consignment to Bainbridge's have not been made public, the terms and conditions published on the firm's website include the following section: 'Bainbridge's has absolute discretion … [to] … withdraw any lot and in case of dispute to put up any lot for auction again.' Those conditions are standard."
ORDER TODAY!! - The Journal of Advanced Appraisal Studies - 2011. Click the button to order.
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