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Beast in the first post-auction market by non-payment

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Today, a variety of activities in New York was a major topic is the collection of Christie’s auction of two Yves Saint Laurent’s first auction of copper on the market will produce what kind of impact. The first of these two animals are away from China in the 19th century, and a Chinese buyers at the meeting photographed it, but now refused to pay, to show a “patriotic gesture.” “This is the auction industry, is not good news,” the Paris art dealer Christian wearing a deer (Christian Deydier) said. “Although I think this is just one case, but it is worrying, suggesting that some Chinese buyers do not respect international law.” London dealer Roger Kay Fern (Roger Keverne) that the bidder may no longer be super-Cai allowed to participate in the auction. “But I do not think the practice of his rogue’s auction in New York this week, will have any impact.” He added.
Bidder does not pay for the art market is a little secret, one of an auction and dealers are generally unwilling to talk about secrets. According to an auction to experts, there are several buyers in the auction after giving up is not uncommon, as the global financial crisis for some people’s wealth, the frequency of this problem has been growing. Has recourse to U.S. courts a case is an example.哈尔西迈纳 (Halsey Minor) is a California entrepreneur, photographed last year at Sotheby’s three paintings, a total of 13 million U.S. dollars. The company’s terms of sale offers a variety of options, such as the cancellation of the deal works out to re-auction or litigation – this is usually a last resort. Since in this case, Sotheby’s prosecution of Miner, asking him to pay 16 million U.S. dollars, or auction prices and related costs. Miner is filed counterclaims, saying that Sotheby’s did not fully disclose its own, one of the three works in the financial interests, he referred to the works of Edward Hicks (Edward Hicks) “peace kingdom” (Peaceable Kingdom, 1846 to 1848), he was bid 8.6 million U.S. dollars. Sotheby’s claimed that “Mr. Miner tells us that the only reason he did not pay was because someone owed him money.”
Non-payment of the problem is not present at the auction line: dealers have recently been talking about that are not finalized transaction. This is a difficult problem, usually cases. “We may provide a more generous payment terms or discounts to encourage people to pay, but it does not work, then we have to draw the bottom line and the cancellation of the deal,” Abbey

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February 20th, 2010 at 8:55 am

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