Word: ceos
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Dates: during 1990-1999
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Last week Sotheby's did not quite remove one hat, but it grudgingly hung its head. CEO Michael Ainslie announced that, in view of widespread criticism of the practice, the auction house will no longer offer loans using the work of art as collateral. Sotheby's will, however, continue to make other, secured loans. It will also continue "guaranteeing" minimum prices to sellers, a practice that many dealers and collectors charge makes the auction house in effect an interim buyer and compromises its standing as a disinterested agent...