Those Chinese non-paying bidders...

March 28 2012

Image of Those Chinese non-paying bidders...

...are everywhere it seems. Bloomberg details the current crop of lawsuits against non-paying bidders. Moneyquote:

“It’s an international problem,” London-based dealer Roger Keverne said. “Some Chinese dealers are trying to sell things before they pay for them. We don’t know the full extent of it. The concern is that they can also be the under bidders. They push prices up. It isn’t a genuine market.”

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