Tycoon who didn't pay for art sued
By Jasmine Zhao |
January 10, 2013, Thursday
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Print Edition
Print Edition
ZHAI Shaojun, a well-known Chinese philanthropist and entrepreneur, is being sued by a local auction house for delaying payment and commission of nearly 38 million yuan (US$6.1 million) he had bid for two famous paintings in 2011.
The Shanghai branch of 341-year-old Rongbaozhai auction house asked the court to break the two contracts it signed with Zhai and the other bidder, Zhou Feng, who is a friend of Zhai and is listed as a co-defendant in the case, the Hongkou District People's Court heard yesterday afternoon.
Rongbaozhai is also seeking compensation totaling 12.38 million yuan, including the commission fees from both the seller and the bidder, insurance fees and interest. The plaintiff said Zhai and Zhou secured two paintings by the late Huang Zhou at a total price of 33 million yuan at an auction organized by Rongbaozhai on November 22, 2011.
The court didn't announce a ruling yesterday.
The Shanghai branch of 341-year-old Rongbaozhai auction house asked the court to break the two contracts it signed with Zhai and the other bidder, Zhou Feng, who is a friend of Zhai and is listed as a co-defendant in the case, the Hongkou District People's Court heard yesterday afternoon.
Rongbaozhai is also seeking compensation totaling 12.38 million yuan, including the commission fees from both the seller and the bidder, insurance fees and interest. The plaintiff said Zhai and Zhou secured two paintings by the late Huang Zhou at a total price of 33 million yuan at an auction organized by Rongbaozhai on November 22, 2011.
The court didn't announce a ruling yesterday.
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