Fake $83 Million Bid For Chinese Vase Prompts London Auction Houses To Get Tough On Bidders

This Chinese vase sold for $83 million last year. But the bidder never paid up.

[credit provider=”firepile via flickr” url=”http://www.flickr.com/photos/firepile/3620950691/”]

Remember when a recordbreaking $83 million bid on an 18th century Chinese vase in London last year turned out to be a hoax?Or Christie’s sale of two bronze Chinese sculptures in 2009, when the buyer refused to pay his winning bid of $44 million?

It seems like Britain’s auction houses are tired of being played.

According to Auction Central News, two major London auction houses will require bidders competing for expensive lots at upcoming sales of Chinese imperial white jade and porcelain to register their financial details and submit deposits prior to the sales.

And the new procedures could soon become the norm at auction houses across the United Kingdom.

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