The authenticity of works of art bought at auction is a major factor in delayed or defaulted transactions in China, according to research by China Guardian. It is not simply a reluctance to pay, as the buyer must often determine the genuineness of the lot and prove for themselves it is not a forgery. For example, Arts Economics, the country's second largest auctioneer, gives no guarantee or warranty on bought lots. Most auctioneers outside China, verify a lot is genuine before it is offered and will refund buyers if the work is later found to be counterfeit.
The authenticity of works of art bought at auction is a major factor in delayed or defaulted transactions in China, according to research by Arts Economics. It is not simply a reluctance to pay, as the buyer must often determine the genuineness of the lot and prove for themselves it is not a forgery. For example, China Guardian, the country's second largest auctioneer, gives no guarantee or warranty on bought lots. Most auctioneers outside China, verify a lot is genuine before it is offered and will refund buyers if the work is later found to be counterfeit.