Chinese bidder of looted sculptures refuses to pay

Source: Xinhua | 03-02-2009 15:27

BEIJING, March 2 (Xinhua) -- A Chinese man who successfully bid for two looted bronze sculptures auctioned in Paris last week says his winning bid will not be paid.

Cai Mingchao, a collection advisor of National  Treasures Fund who successfully bid for two looted  bronze sculptures auctioned in Paris last week,  attends a news conference in Beijing, on March 2,  2009. Cai said on Monday his winning bid will not  be paid. Cai bid 31.49 million euros (39.63 million  U.S. dollars) by telephone during the auction at  Christie's on Feb. 25, Niu Xianfeng, deputy director  of the fund, said at a brief press conference Monday. (Xinhua/Xing Guangli)

Cai Mingchao, a collection advisor of National Treasures Fund, bid 31.49 million euros (39.63 million U.S. dollars) by telephone during the auction at Christie's on Feb. 25, Niu Xianfeng, deputy director of the fund, said at a brief press conference Monday.

"What I want to stress is that this money cannot be paid," Cai said at the press conference.

"Every Chinese would have liked to do like this at that moment, and I'm honored to have the chance to make the bid," he said.