Financial Times Analyzes Contemporary Auction Bidding

November 20th, 2014

Robert Gober at Christie's, via Financial TimesA recent article in Financial Times by writer Bendor Grosvenor takes a discerning look at the specter of price speculation in the contemporary market, and notes some of the more manipulative practices in guarantor purchases.  “To liven things up, they are allowed to bid the work up during the sale too. But if they happen to buy it, their presale negotiation (again, undisclosed) means they will not pay anything like the “price” reported by the auction house, and nor will the new ‘value’ of the work be representative,” says Grosvenor.  “Almost half of the lots in Christie’s sale last week were guaranteed.”

Read more at Financial Times