The New York Times reports on the continued strength of the auction houses’ marquee sales, and the strategies that have been underwriting these prices.  “The air has got quite thin at the top,†says adviser Wendy Cromwell. “There used to be at least two bidders on most of the lots, but now there is usually only one. Guarantees do provide cover for the lots and give a sense of security. But what do the totals mean in terms of profit? We’re blind.â€
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