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Weekly News Roundup: April 11 to April 15

by WorthPoint Staff (04/13/11).

In arts, auction and collectibles news, we find an auction house wanting money up front before bidding begins on Chinese art, more perils for polar bears and a rare comic book found.

From The Financial Times:
Chinese art market rockets – but do buyers pay up?

Here is a case of auction houses beware. Last November, a Qianlong vase gaveled down at 40 times its presale estimate. Good news, right? Maybe not. The Chinese bidder has yet to cough up the $70 million. Casting a wary eye at that development, Sotheby’s is asking for a $1-million deposit from potential buyers in an upcoming sale of Chinese porcelain.

From CBC News:
Demand for polar bear hides soars: auction house

As if polar bears don’t have enough problems with global warming and all. Now, people are clamoring for their hides, which go for an average of $5,000. “The supply does not even come close to meeting the demand,” according to Mark Downey, CEO of Fur Harvesters Auction Inc. And who’s doing the demanding? Russian businessmen who want polar-bear rugs.

From The Ventura County Star:
Simi man helps recover $1 million comic book stolen from Nicolas Cage

Action Comics #1 introduced Superman to the world. And actor Nicolas Cage, a comic-book collector, was lucky enough to snag a copy. Then someone else was lucky enough to snag it from Cage’s Los Angeles home. That was 10 years ago. Recently, a collectibles expert took police to a storage locker where the rare comic was found. Now worth $1 million, it’s a question of to whom it belongs. Cage or his insurance company.

From The Hollywood Reporter:
Elizabeth Taylor’s Jewelry to Be Auctioned By Christie’s

And the winner is . . . Christie’s. The auction house has been chosen to handle the sale of Elizabeth Taylor’s vast jewelry collection—$150 million vast. Peter Sedghi, president and CEO of Luxury Jewels of Beverly Hills has said, “She had a collection like I’ve never seen before, and she knew exactly what every one was—what the diamonds were, the quality. But it was more for her; it was . . . the history behind it. A lot of them had sentimental value.”

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