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Tuesday, March 3, 2009

Chinese Bidder on Yves St. Laurent Auction Refuses to Pay $40 Million

I think that caught a lot of attention lately, in particular, the Chinese guy who succeed in bidding the Chinese Bronze Rat Head and Rabbit Head last week at Christie's.

This 'winner' hold a press conference on 2 Mar 2009, proudly saying that he will not pay, and the other spokesperson in the press conference said (in Chinese) "The world has learnt a lesson".

I think we learnt that lesson long time ago and this press conference just reinforce our learning:
We demand money on account for all Chinese customers, no matter they are new or recurring customers. In particular, when it is time for filing of application that we need to pay for government fee, we felt as urgent as the client. That is, if they don't pay us money on account, we will not pay on their behalf for any government fee.

We do understanding inventors / companies do have cash flow problem from time to time, but holding a press conference and say that out loud (and proudly) "... what I want to stress is that I will not pay" is a little bit too much.

See the related news here: