Prices of Chinese Antiques Are Suspect

Chinese antiques have been going up in price, but a report in the Financial Times (May 12, 2012) says as many as 40 percent of “sold” items were never paid for. China claims to be a world leader in art sales, but its auctions are noted for fakes (“quality-related problems”), buy-ins, and political maneuvers. Auctions in other countries have similar problems. American auctions have Chinese buyers who want antiques with a history of ownership in the United States, before fakes became a problem. But many expensive Chinese bronzes, ivories, and porcelain and pottery pieces sell here but are not paid for. Auction galleries in the United States…