Sotheby's Announces Requirements for High-Value Asian Lots

Would-be buyers of Asian art at Sotheby's last week were greeted with a new message at the pre-sales exhibitions. For certain so-called Premium Lots, they were advised that they had to pre-register to bid and put down a hefty deposit. Special labels, placed right under the traditional lot information, stated: "Clients who wish to bid on this lot are required to complete the pre-registration form and to pay a deposit of $150,000."

Sotheby's said that it has required such deposits from new clients before, particularly in Hong Kong, but it has just this year begun stating it so boldly at the exhibitions in New York.
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