The New York Times notes the increased willingness by auction houses to guarantee sales on their highest price lots, a practice that had fallen out of practice since the financial crisis of 2008.  But some critics note that the growing practice is actually a result of stiff competition and minuscule profit margins.  “They are trying to fix eroding margins by getting more of the upside from the guarantee,†said Michael Plummer, a partner at Artvest.
Read more at New York Times
