Sotheby's and Christie's will give the seller
ARTinvestment.RU   21 сентября 2007

Auctioneer promise to its customers, vendors, that with things made of strings, they are guaranteed to be paid the minimum specified fixed price if the item does not sell.

coming autumn season leading auction houses Sotheby's and Christie's met with an interesting innovation. Auctioneer promise to its customers, vendors, that with things made of strings, they are guaranteed to be paid the minimum specified fixed price if the item does not sell. At such auctions provide safeguards budget nearly a billion dollars. Trick that logic works both ways. If the result of trades exceeds all expectations, the seller is also obliged to divide the prize with the auction house.

And this is not the only trick. Reports Bloomberg suggests that safeguards are not in everything and not for all, this service is probably only for the status of buyers and sellers.

Upcoming plans are as follows. At the November auction at Christie's guarantee to be sold «Liz» Andy Warhol with estimeytom 25-35 million dollars (a thing from the collection of actor Hugh Grant) and the work of Willem de Kuninga estimeytom with 16-19 million dollars.

interesting that the safeguards agreement is not everything. Thus, the seller of the painting «Elvis» Warhol work with estimeytom 10-15 million dollars has refused offers of Christie's work to pick up a guaranteed fixed price. Similar plans Sotheby's is known far less. It seems that soon when the guarantee will be sold two very expensive canvas of Francis Bacon. However, this information has not been formally confirmed.

In addition to guarantees of auction houses have announced readiness to provide well-known collectors credits for works of art, relying on our own assessment of the auction house.

Perhaps one of the main reasons for the measures - training in a fall in demand from the wealthiest of American buyers. The phrase «obmelchanie financial flows on Wall Street» is used more often, and therefore a risk weight. If good roads would be difficult to sell things, it would undermine the reputation of the market. Conversely, if potential sellers will ostorozhnichat and hold things up to better times, there is a threat to the deficit.

Interestingly, in the comments of Bloomberg says that instead of thwarted mortgage crisis Americans auctioneer heavily rely on the growing interest of Russian and Asian buyers. You'd think they had their problems do not ...

Source: www.bloomberg.com