Last November, Austrian auction house OstLicht held the historic first camera auction in China. The auction appeared to be a smashing success, with the headline item, a one-of-a-kind Leica IIIg built for the German Army, selling for nearly $4 million.
However, OstLicht now says the auction was manipulated, prompting the long-time Austrian company to sever its relationship with its Chinese auction partner, Lidong Auction Ltd. In a statement on its website, OstLicht claims that Lidong Ltd. manipulated the auction bidding and results. The complete statement from OstLicht founder Peter Coeln is available below:
Dear Friends, Customers, Suppliers, Collectors, and Dealers,
In November last year, we had the privilege of playing a key role in organizing the first camera auction in China — in collaboration with the newly founded Lidong Auction Ltd. in Shanghai and Mr. Zhuoyu (Richard) Li. At first, the auction appeared to be a great success, with an impressive sales rate of 95% and numerous record prices.
However, to our great dismay, we discovered just weeks later that the bidding and the results had been manipulated by our Chinese partners. Only a very small number of lots were sold, while the published figures did not reflect the true sales. The results shared by Lidong Auction Ltd. and other platforms are misleading and wrong. Notably, the Lidong Ltd. website has recently gone into “Under Maintenance” mode. Given these serious irregularities, we immediately and officially terminated our collaboration with Lidong Auction Ltd. in Shanghai.
For 34 years, I have dedicated my career to the camera business, and for 24 years, we have been organizing auctions — as the founder of WestLicht and OstLicht Auctions in Vienna. The reputation of this business is built on expertise, integrity, trust, and respect for both buyers and sellers.
Maintaining a fair and transparent market is of utmost importance to all reputable auction houses, businesses, and collectors worldwide. Unfortunately, the practices of Lidong Auction Ltd. have proven to be incompatible with these fundamental values.
Please rest assured that OstLicht Auctions will continue its operations in Vienna with the highest level of professionalism and integrity. Our commitment to fairness and trust remains steadfast.
Thank you for your continued support.
Peter Coeln & The OstLicht Team
Given that Lidong Auction Ltd. has gone dark, only one side of the story is available for now — OstLicht’s. It is a regrettable chapter in what was supposed to be a great moment for OstLicht, Lidong, and the Chinese photography market.
Image credits: Featured image created using an asset licensed via Depositphotos.
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