Unpaid Winning Bids Change Terms of Auctions

The most expensive Chinese work of art, sold in November, 2010, in London for $83 million, had not yet been paid for according to a Bloomberg News article. It is one of many unpaid for purchases by the Chinese bidders.

Some auction houses now ask for deposits before the auction for very expensive items. This delayed or non-payment habit reaches into lower than the million dollar range and auction houses tell us that they are having trouble collecting for some items selling at $100,000 or less.