Qianlong Vase Still Not Paid For

Last year in November I was in NY at the 2010 annaul AAA conference where there was a lot of talk about the  Qianlong vase which had then just sold for a record $83 million at Bainbridges auction house in London.  Then shortly there after came rumors that the vase had not been paid for.  I was again in NY at the 2011 AAA conference last month and there were new rumors circulating that there was a settlement on the vase and that it was paid for.

Bloomberg just published an article stating the vase has not been paid for, I repeat, has not been paid for, although there have been statements that some monies have been exchanged, but a settlement is not considered likely or eminent.  The article also mentions a scroll which sold at a French auction house for $28.9 million Chinese scroll which was purchased by a Hong Kong dealer representing a mainland buyer who has yet to pay. The interesting aspect is the French auction rep who sold the scroll says if it is not paid by Jan 10 it will be auctioned and the bidder will be responsible for the difference, estimated to be around $7.8 million.

Bloomberg reports on the situation

Its price was more than 50 times the presale estimate and the auction house ceased to comment after several months passed without payment.

Payment is still awaited, a dealer with knowledge of the matter said in an interview. Though some money has changed hands, it doesn’t look as if settlement is imminent, he said.

The record price was the most spectacular in recent sales that saw Asian clients bid multiples of the estimates for rare objects made for Chinese emperors. Bidding hasn’t always been translated into final payment in an international trade that is now valued at $10 billion.

Auctioneer Peter Bainbridge, who broke his hammer as the record was set, wasn’t prepared to publicly comment when visited by Bloomberg News in his West Ruislip auction rooms.

“I’ve signed a confidentiality clause with the buyer,” said Bainbridge, dressed in a frayed crew-neck sweater as he moved pieces of Victorian furniture entered into his next general sale. He would not confirm that the successful bidder on the vase had failed to settle the bill, nor that some money had changed hands.

Hong Kong Offer

“Once you accept a part-payment, your hands are tied,” said the London dealer John Berwald. “Perhaps they should have just canceled the deal and re-offered the vase in Hong Kong. I believe it’s 100 percent genuine. Second time around, it could be worth at least 20 million pounds.”

Source: Bloombergs, click HERE to read.