Auctions are looking for ways to protect yourself, but at the same time and save face 10-billion market of Asian Art

on the world's leading auctions of Chinese art collectors have long been beaten many records in many areas, leaving far behind Western competitors. Chinese art market in 2010 for the first time in the history of open trade came in first place in the world auction sales , surpassing the traditional top three U.S. - UK - France.

According to a study TEFAF, market size only Chinese antiques in 2010 amounted to 6 billion euros (8.6 billion dollars), showing growth 160 per cent compared to the same period of 2009. And, as calculated by Bloomberg, the market of Chinese cultural values ​​are more than 10 billion dollars. Asian art at auctions held in Europe and the U.S. buyers have long dominated the Chinese. New millionaires are happy to buy something that once belonged to their country. Collectors Celestial patriotic return to his homeland of art, paying special attention to work with the imperial provenance.

However, there are a circumstance that "the picture performance" China can greatly spoil. It turns out, sometimes on a sensational price auction does not reach it and auction houses, filled with joy as the growth rate of Chinese customers, as a result are left with nothing: clients do not pay their bills.

Vase time of Emperor Qianlong. About 1740 x sold for $ 83 million at auction Bainbridges, London. Source: artinfo.ru

the most expensive in the history of Chinese works of art media in November 2010, the humming long. The history and truth, entertaining. Not particularly conspicuous at the London auction Bainbridges was exhibited porcelain vase, found by accident while cleaning a house in London. Estimate of 800 thousand pounds for this work has seemed to the organizers of trades enough, no one expected that the lot would cause great interest of buyers. Forty Chinese collectors, dealers and agents, especially come to England to buy the vase of the period of Emperor Qianlong. Half an hour was a hot trading, pushed up in the end price of the lot to an incredible 51.6 million pounds (83 million dollars). However, unique vase is still in London: the new owner still has not paid for it. This in an interview in February, said the head of auction house Peter Bainbridge (Peter Bainbridge). Bloomberg reporters to comment, he refused.

A bronze head of a rabbit out of the palace Yuanminyuan Qing Dynasty, Qianlong period (1736 - 1795) Source: christies.com

account Ignore Western auction houses to clients from China is nothing new. In February 2009 Christie's sold-out collection of Yves Saint Laurent and Pierre Berge. Long before the start of trading, China protested against the sale of two bronze sculptures in the form of heads of rats and rabbits, stolen from the old imperial palace Yuanminyuan in 1860. The appearance of these lots at the auction was accompanied by scandal, their possible sale to China called illegal, and demanded free return "rat head" and "rabbit head" the Chinese people. But the Chinese court lawsuit Christie's rejected, both sculptures were put up for auction and sold for 31.5 million euros. However, Chinese collector Minskers Tsai (Cai Mingchao) the purchase and did not pay . The Collector said that "acting in the interests of all Chinese people," and added that thus fulfilled their civic duty.

Now Western auction houses to think about how rich and eastern customers do not lose, and if something breaks even. Protect the owners of the works and auction houses are able to advance payments from potential buyers. However, sellers run the risk of such measures scare off customers. As suggested by London dealer John Bervald (John Berwald), «the problem with the payment probably is, otherwise, the auction house would not go for it».

Detail of rollout time of Emperor Qianlong Sold for $ 31 million at auction Labarbe, Toulouse. Source: artinfo.ru

Paris expert on Asian art Ansa Pierre (Pierre Ansas) before to be auctioned off Labarbe at auction in Toulouse Chinese scroll and seal from the reign of Emperor Qianlong, asked interested customers to make advance payment of 200,000 euros. "It has not caused their enthusiasm, but I am responsible and must support its business. I'd rather roll selling for 10.8 million euros to someone who has the money, than a crazy amount to someone who I do not know ».

Seven collectors of Asian countries were prepared to to 200 thousand euros for a scroll, depicting the Emperor Qianlong in the military look. With each of them signed a contract obligating the customer, if its bid is to decide to pay one-third the cost of the lot during the week and the rest - within three months. Dealer who represents the buyer vases on Bainbridges, the participation was not allowed. March 26 rollout went under the hammer for 22.1 million euros ($ 31 million), and the printing of 12.4 million euros (17,4 million dollars) to two different Chinese customers.

Last week in Hong Kong at auction at Sotheby's sold a collection of Chinese porcelain Meyintan. 22 of the 77 lots were left without buyers, including the top lot - a vase with the estimate $ 23 million. Dealers believe that customers confused the advance payments already up to 500 thousand dollars, which demanded an auction in exchange for the opportunity to bet on the top lots.

Struggling to defend themselves and the regional auction houses of the UK - to example, Wiltshire in the County Uilshir and Duke's in Dorchester, which in May are coming auction of Asian Art. Director of Duke's thinking to introduce advances in and ask them to those customers, they do not know.

«auction houses it is time to get tougher" - says London dealer Roger Keverne (Roger Keverne) , waited six months until he will pay for the purchase of a porcelain vase for 150 thousand pounds. "With new money comes new customers, and advance payments for newbies will come in handy. Otherwise, we get an imaginary market ».

material was prepared by Maria Onuchina, AI

Sources : bloomberg.com , artinvestment.ru