Last time I was in old Shanghai to buy a couple prints I was expected to pay for my purchases. Which I did, as I was able to bargain the accommodating proprietress down on price to an ego-soothing level.

Sotheby’s, though,  has been having a devil of a time getting paid for items Chinese new-money has been winning auctions for. Most high profile are two mainland Chinese buyers who failed to pay for five Chinese paintings and an antique incense burner for US$270,000. Of course, it was Christie’s who hosted the auction last year in which a Mainland dealer won the bid for two zodiac statues taken from the Summer Palace in 1860. Though he won the bid, he did not have any money to pay for his “patriotic” act, nor did he have the government’s patronage in what turned out to be a career-ending move for the former art dealer.

In 2008 Sotheby’s had to sue a Mainland buyer for payment; and in 2006 a Chinese buyer over two Chinese paintings.

Sotheby’s puts the lapse in good manners down to the lack of experience Chinese buyers have in international markets, especially in the bidding process.

Either that, or Chinese bidders think it’s all just a bit of good fun.

The disputes highlight a challenge for Sotheby’s, which is increasing its dealings with less experienced buyers from new markets such as China, who are not familiar with international bidding rules. As China’s economy continued its break-neck growth in the past few years, many people turned to overseas markets to park their new-found wealth, buying everything from properties to wines.

Further reading: FT, BBC