His Business Reputation Damaged, YSL Bidder Sheds Tears

“Cai Mingchao, the Chinese art dealer who is refusing to pay for $40 million Qing bronzes he successfully bid for in the Yves Saint Laurent auction, said he wept when he realized that his credibility was shot and he may now have to close his business. … In the world of high-end art sales, where millions of dollars worth of items may sell on the basis of a phone call or handshake, defaulting is seen as unprofessional.”