An article in the Wall Street Journal this week notes the details and contractual clauses that accompany sales at the higher end of the art market, often in an attempt to prevent speculation.  “I don’t want to see my clients gambling at auction,” says gallerist Renato Danese. “What if the work doesn’t sell, or sells below the low estimate? That will hurt the artist in terms of current and future sales, and it will hurt my clients.”  (more…)

Christie’s has been granted a license to operate without government oversight in mainland China, becoming the first independent auction house in the country.  The agreement comes in the wake of a reported dip in auction sales for the country last year, and some suspect the move comes as a way to introduce higher standards of authentication to the proceedings of auctions in mainland China.  “In recent years we have seen phenomenal developments take place in the global art market, particularly in China, where the market has grown at an unprecedented rate,” said Christie’s CEO Steven P. Murphy. “Today’s announcement further solidifies Christie’s position and commitment in a market which possesses a strong heritage and deep appreciation of art.” (more…)