Sotheby’s most recent S.E.C. filings indicate that the auction house has guaranteed nearly the full $500 million estimated from its sale of works from the Alfred Taubman estate.  “In the event that the property sells for less than the guaranteed price, Sotheby’s must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee,†the filing says.
Read more at The New York Times
