March 2 (Bloomberg) -- Cai Mingchao, a Chinese national who in 2006 paid a record HK$117 million ($15 million) for a Ming Dynasty Buddha, said he placed the winning bid for the two Qing bronzes auctioned in Paris last week -- and won’t be paying.

The National Treasures Fund, a group backed by the Chinese Ministry of Culture that pools donations to retrieve relics abroad, revealed Cai’s identity at a Beijing news conference this morning, according to state-run Xinhua news agency.

“I’m not paying,” said Cai, an antique collector and an adviser to the National Treasures Fund, at the news conference. He didn’t say if he was bidding on his behalf or China’s.

Christie’s had proceeded with the sale of the Qing bronzes, severed from a water clock by marauding British and French troops from the Summer Palace in 1860, despite protests from China’s art advocacy groups, patriots and the foreign ministry.

Cai, 44, who runs an auction house in China’s southeastern province of Fujian, didn’t answer his cell phone, seeking comment. In 2006, he bought a Shakyamuni Buddha bronze statue at a Hong Kong auction held by Christie’s rival Sotheby’s.

Christie’s International auctioned the items at the sale of Yves Saint Laurent’s artworks last week for a combined 31.4 million euros ($40 million). Thomas Seydoux, Christie’s international co-head of Impressionist and modern art, had bid for the items on behalf of a client on the telephone on Feb. 25. The auction house declined to identify the name of the client.

“I fulfilled my duty” as a Chinese citizen, Xinhua cited Cai as saying.

Christie’s Hong Kong-based spokeswoman Kate Malin wouldn’t verify Cai’s identify and said the company “would work with the buyer and vendor to come up with a solution.” She declined to say what other steps Christie’s might take to secure payment.

According to a Christie’s brochure, the company may hold the defaulting buyer liable for the total amount due and start legal proceedings to recover interest, legal fees and costs “to the fullest extent permitted under applicable law.”

To contact the reporter on this story: Le-Min Lim in Hong Kong at lmlim@bloomberg.net; John Liu in Shanghai at jliu42@bloomberg.net

Last Updated: March 2, 2009 02:27 EST