New York's Asia Week is in full swing, with the Arts of Pacific Asia fair kicking off on Saturday as well as a slew of exhibitions, ranging from Khmer gilt bronzes, Tibetan thangkas and Mughal jewellery to Japanese literati paintings. The week is lower-key than in previous years due to the recession: the Haughtons' Asian art fair was cancelled; some major dealers such as London's Giuseppe Eskenazi have given the event a miss, and sales catalogues are noticeably slimmer. The standout auction is at Christie's on Wednesday, with Chinese art from the Sackler collections, which includes a lovely sixth-century votive stele estimated at $300,000- $500,000.

The main talking point at the various events in New York is what effect the sabotage of the sale of two bronze heads at Christie's Yves Saint Laurent auction might have on the market. The heads, looted from China in the 19th century, were bought by a Chinese buyer who has now refused to pay as a “patriotic gesture”. “This is not good for business,” says the leading Parisian dealer Christian Deydier. “While I do think this is a one-off case, it is worrying, showing that some Chinese buyers are not respecting international law.” London dealer Roger Keverne thinks that the bidder Cai Mingchao may not be allowed to operate again at auction. “But I don't think his rogue attempt will have any impact on trade in New York this week,” he adds.

Buyers not paying for their purchases are one of the little secrets of the art market – one that auction houses and dealers are generally reluctant to discuss. According to one saleroom specialist, it's not uncommon for a few buyers to renege after a sale, and the problem has been growing, as the global financial crisis pulverises some fortunes. One example currently before the US courts is that of Halsey Minor, a Californian entrepreneur who spent $13m on three pictures at Sotheby's last year. The firm's conditions of sale give options such as cancelling the sale, reoffering the work at auction or suing, which is generally a last resort. In this case, Sotheby's is suing Minor for $16.8m, the price of the works plus fees. Minor is countersuing, arguing that Sotheby's did not sufficiently disclose its financial interest in one of the works, Edward Hicks's “Peaceable Kingdom” (1846-48), on which he bid $8.6m. Sotheby's claims “Mr Minor told us the sole reason he hadn't paid was because he was owed money by others.”