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Key quote (IMHO): > The fear within the auction world is that the bust’s flop could now taint casual perceptions of the overall health of the art market, when
by theamk 1y ago
Key quote (IMHO):
> The fear within the auction world is that the bust’s flop could now taint casual perceptions of the overall health of the art market, when it was Sotheby’s, and the seller, who agreed to expose an object of economic importance to the risks of an unpredictable market.
In other words: Sotheby's decided not to sell, and now people are considering that paying $70 million for a piece of art might be a crazy idea. Maybe next time a piece of art is being sold for an outrageous price, buyer will instead think: "Wait, what I am doing? Am I really going to get $70M worth of satisfaction from this? And if not, will I at least be able to resell for the same price to next person?"
- ToddLevin 1y agoYou are incorrect - it was not Sotheby's who decided "not to sell", it was the consigner who set their reserve at $70 million, and would not lower it, even though Sothebys actively suggested that they do so a day or two before the sale took place, knowing that they very well might not have somebody who would be willing to bid at the hammer that high. This was entirely the seller's call, and not the auction house's. The seller simply wasn't willing to part with their artwork for less than they felt it was worth, and they were perfectly fine taking it back if it didn't achieve the desired hammer price. It was their artwork, and their decision.