As most appraisers are aware, the Chinese market has been very active with many new record prices at auction, some rather disturbingly high. There have been rumors in the past about a lack of payment from mainland Chinese collectors buying at auction. Of course there was the bronze calendar figural animal heads from which the lack of payment was supposedly more of a cultural and protest statement. There have also been rumors over the payment and complaints of buyers premium from the Qainlong vase sold at Bainbridges of London. Both of these issue were posted on the AW Blog, as usual, keeping our content timely and relevant (shameless self promotion).
The Financial Times now has a very interesting article about Sotheby's requiring a $1 million deposit for bidders of premium lots in a recent sale of imperial Chinese porcelain in Hong Kong. Usually an auction house makes moves to increase bidding, not hinder it, so there must be a strong rationale for Sotheby's to implement such a policy.
A sale in Hong Kong at Sotheby's of important 18th Chinese ceramics made just over 55% of its pre sale low estimate. The sale raised only $51 million (including buyers premium) against a pre sale estimate of $91 - $137 million. 23 lots in the sale required a deposit. Is this possibly a tipping point in which the strong growth in the sector is starting to slow, or is it directly related to the deposit requirement effecting the top lots. The FT reports that a vase in the sale which did not sell with a reserve of HK$180 million sold privately after the sale for $HK200 million.
The FT reports
To read the complete FT article, click HERE.Ben Brown, owner of a gallery of contemporary art in Hong Kong and London, said the decision to ask for hefty deposits by bidders was “a very unusual step probably worked out in a mutual agreement with the vendor. The vendor is extremely important to Sotheby’s”.
On Thursday night, a much vaunted 18th-century vase with a golden pheasant painted on it was, according to Sotheby’s, sold privately after the sale for HK$200m after bids at the auction failed to meet the minimum of HK$180m.
Nicholas Chow, Sotheby’s international head of Chinese ceramics and works of art, declined to comment about whether the US$1m deposit was a first for Sotheby’s or the reasons behind the move.
“All auction houses, whether mainland Chinese or international ones, have been experiencing delayed payments, Obviously, the problem is now large enough so steps are being taken,” said Anthony Lin, an art dealer in Hong Kong.
Other than what Sotheby’s referred to as “guarded bidding on some of the top lots” of the Meiyantang collection, the seven day spring sale was a huge success, totalling US$ 447m, a new record for an auction in Hong Kong.
The Meiyantang ceramics were collected by two Swiss businessmen brothers, Stephen Zuellig and his brother Gilbert, who died in 2009 and is widely believed to be the finest collection of its kind that is in private hands.
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