Pursuits
Chinese Art Buyers ‘Renege on $22 Million,’ Forcing Clamp
This article is for subscribers only.
A Chinese Imperial jade seal and album of calligraphy are being re-offered for sale this week after their Asian bidders failed to pay.
The sales in France are the latest sign of auction houses clamping down on slow payments and nonpayments. Amid a growing appetite by wealthy Chinese for art, wine and other collectibles, sellers are demanding deposits by bidders on top lots and, in some cases, suing the non-payers.