It looks like not all the revenue ticked up at auction last fall turned into a tangible upside for
Sotheby's. The
auction house is suing two Chinese buyers for $270,300 because they never paid the tabs they bid up. According to Sotheby's, the winning bidder of a Qing Dynasty cloisonné censer and cover didn't pony up the cash required, "despite repeated requests and demands." Ouch! Another
purchased took five antique paintings without paying the tab,
Bloomberg News reports.
According to Kevin Ching, CEO of Sotheby's Asia division, the company wants "to send a message it won't stand for defaults." Ching continues, "We can't have people bid at our auctions and disappear without paying." To show he's serious, he says he's willing to pursue legal action in mainland
China, on the off chance that "they think the long arm of Hong Kong law couldn't reach them." And, with
Hong Kong now the third largest art market in the world (after
New York and
London), the message will reach a pretty broad audience.
Sotheby's won't reveal the identities of the non-payers, citing confidentiality policies.