Word: overly
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Dates: during 1980-1989
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Guarantees can backfire. Sotheby's guarantee on the recent four-day sale of the collection of John T. Dorrance Jr., the late Campbell's soup heir, nearly did so. According to ARTnewsletter, a trade sheet, the dealer William Acquavella offered the Dorrance estate a guarantee of $100 million, but Sotheby...
Loans to the buyer are made before the auction, and completed after it, at an interest rate that may go as high as 4% over prime. A common amount is 50% of the hammer price -- whatever the work reaches.
In 1985 Aponte decided to review the consumer affairs guidelines on auctions. For more than a year his team pored over Sotheby's and Christie's records, wrestling with such exotic-sounding practices as "bidding off the chandelier" (announcing fictitious bids to drive up the price) and "buying in" (leaving...
So is there a case for setting up an independent regulator -- an art- industry Securities and Exchange Commission? Not before hell freezes over, say the auction houses (although Christie's may be wavering a little on the point, since it has no guarantee and loan system to defend). Probably not...
The new kind of raider-dealer is exemplified by Larry ("Go-Go") Gagosian, who a few short years ago was selling posters out of a shopfront in Los Angeles but recently, with massive financing, tried (without success, according to dealing sources) to take over the estate of the senile but...