Sotheby's seeks HK$50m over failed bid

PUBLISHED : Sunday, 15 May, 2011, 12:00am
UPDATED : Sunday, 15 May, 2011, 12:00am


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A Hong Kong man who bid HK$136.6 million for 24 lots of artworks in Sotheby's record-breaking spring auction last month has allegedly failed to stump up the cash. Sotheby's has terminated all but three lots, but in a writ filed in the Court of First Instance it is claiming close to HK$50 million from Kwok Ho-wan, whose registered address is on Repulse Bay Road. It is claiming HK$34 million for the three outstanding lots and HK$15.7 million in premiums for the terminated lots. Kwok attended the auction with his son and a business colleague Jacob Mense, the writ says. The eight-day auction, which ended on April 8, netted a record HK$3.49 billion from sales of Asian art, fine Chinese paintings, ceramics, jewellery and wine. The total raised by the sale of about 3,400 lots outdid the record-breaking HK$3.08 billion tally for Sotheby's autumn sale.