Christie's Hong Kong has been using the High Value Lot Paddle (HVLP) for a long time, yet the "Important Chinese Art from The Fujita Museum" on 15 March is the first auction at Christie's New York adopting this system. What should interested bidders notice?
Registration procedure of the HVLP at Chrisitie's New York is similar to Christie's Hong Kong's one. If you are interested in the auction, you should call the Bid Departmentand and register for the HVLP before the date of sale, or on the date of sale in the HVLP registration area. You have to pay a deposit by wire transfer or credit cards acceptable to Christie's. Once the registration is completed, you will be given a HVLP for identification purpose. If you are not successful in any bid, Christie's will refund the deposit to you by wire transfer or other methods.
Generally speaking, for Christie's Hong Kong HVLP deposit, the maximum amount is the 20% of the aggregate of the low estimate of all lots you intend to bid for, and the minimum amount is HK$1m. It means that if you intend to bid for 3 lots, and the low estimate of each lot is HK$3m, you have to pay HK$1.8m as deposit.
Yet, according to reliable sources, the minimum deposit is raised to US$2m this time. In order to have a chance of getting the HVLP, interested bidder also have to provide fiancial reference of assets which worth at least US$5m.