Art: Billionaire buys trophy auction house
The art market flies high.
“Securing major consignments in today’s booming global market requires making major concessions to sellers,” said Eileen Kinsella and Tim Schneider in Artnet.com—including guarantees of nine-figure minimum prices on top works, or even a cut of the auction house’s commission. An owner with deep pockets can allow Sotheby’s to “make the same outsize promises as” Christie’s without worrying about the stock tanking “when aggressive guarantee deals don’t go according to plan.” The bad news: Having all the major auction houses in private hands will leave the public with even less insight into the workings of the multibillion-dollar world art market. ■