The 18th-century Qing dynasty vase. It seemed like the ultimate cash-in-the-attic discovery.When the hammer came down in the auction of the old vase that Gene Johnson had found in her late sister's house, it was for the astonishing price of £43 million ($63 million).
With a £8.6 million buyer's premium on top, it was the world's most expensive vase.
Mrs Johnson, 86, and her son Anthony, 55, watched from the sidelines in amazement as they realised that they were going to share a fortune. But 15 months later the mother and son are not a penny richer and the 18th-century Qing dynasty vase is not on display in China, where its buyer was from, but in a secure location awaiting its fate.
Wang Jianlin, a property billionaire, has not paid up because, it is understood, he is reluctant to pay the flat rate 20 per cent fee of £8.6 million levied on the sale by Bainbridges auctioneers in London. Ivan Macquisten, the editor of the
Antiques Trade Gazette, said: ''It is my understanding that the vase has not yet been paid for. The sticking point on the completion of the sale has been the buyer's premium.'' Mr Johnson travelled to China last year with the auctioneer for discussions with the buyer's agents, but returned empty-handed.
He now faces a dilemma: he is prevented by Bainbridges' conditions of sale from selling the vase through another auctioneer and must decide whether to hold out for the full price, or re-auction it through Bainbridges for what would be a smaller profit.
Mr Macquisten added: ''Unfortunately they would never get [the original sale price] if they put it back on the market, now that the element of surprise has gone.''
Mr Johnson, a retired solicitor, and his mother found the 40-centimetre-tall vase when they were clearing out the London home of her sister, Patricia Newman, after her death, aged 73, in January 2010. According to family legend it had been brought back from the Far East by Mrs Newman's husband, William.
When Mr Newman died on June 15, 2006, his estate, including the vase, passed to his wife. At this point, since the vase had never been valued, the estate was judged to be worth £135,732. However, Mrs Newman died intestate. Her only surviving relative, Mrs Johnson, therefore had to apply for probate in order to inherit the estate.
There was a leaflet for Bainbridges auctioneers among Mrs Newman's papers and Mr Johnson called them in. It was only when its owner, Peter Bainbridge, consulted valuer Luan Grocholski that its provenance became clear. Mr Grocholski established that the vase had been fired, glazed and enamelled at Jingdezhen during the reign of Emperor Qianlong (1736-95), a period known for the beauty of its ceramic craft.
He placed a valuation on the vase of between £800,000 and £1.2 million. On November 11, 2010, bids for lot 800, an auspicious number for Chinese buyers, rose and rose, finally hitting £43 million.
The repercussions of the stalled sale have also had an impact on Mr Jianlin. The billionaire, 57, was named as the buyer after one of his agents was reportedly barred from registering for the sale of a Qianlong-dynasty scroll in Toulouse, following the alleged non-payment. Mr Jianlin, estimated by the American magazine
Forbes to have a property fortune of £2.9 billion, has one of the largest private art collections in China, but publicly denies any involvement in the vase sale.
There has been speculation that the Chinese government sabotages art sales by having officials buy, then refuse to pay, because they believe the antiques were looted from their country and should not be sold. The Johnsons refused to comment on the progress of the sale