Word: sales
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Dates: during 1960-1969
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...Corporation has decided to sell the Stillman Infirmary plot to the highest bidder but is imposing a condition on the sale which will virtually force the construction of a new apartment building on the land...
Frans Hals's Portrait of a Cavalier, which, unknown to the art world, had been residing for more than 100 years in the collection of a Major Warde-Aldam, went for $509,600. This year a new record for Goya was set with the sale of his hapless Duke of Wellington, which thereupon went to London's National Gallery and was almost immediately stolen. The Montreal collector, L. V. Randall, sold his master drawings for $186,400. Among them was a saint by Hugo van der Goes that brought an astonishing $84,000, making it the most expensive...
...keep the market up for a particular artist, for example, a dealer may place a work on sale, then bid it up himself so that the price for that artist will reach a new plateau. In another dodge, dishonest dealers sometimes hold pre-auction conspiracies among themselves: they buy shares in a work that is scheduled for the block and select one of their number to bid on it while all the rest pledge themselves to remain silent. With the competition thus limited, the selected dealer gets the work at a low price. When he, in turn, sells...
...happen to be conspiring to distort competition, dealers are likely to object to the fact that what appears to be free competition in the bidding is not really free at all. It is now standard practice in some auction houses to set a "reserve" on each work up for sale: if the bidding does not go beyond a certain price, the auctioneer simply pretends to accept a final bid and lets the work revert to the seller without his having to pay any commission to the house. Since other potential buyers have no idea of what the reserve is, they...
...Erickson sale also showed that great art can go down as well as up. A Raeburn that the Ericksons bought for $100,000 in 1927 went for $60,000; a regal Gainsborough that cost $300,000 in 1928 went for a dismal $35,000. A Holbein portrait also went for $35,000, which was $95,000 less than the Ericksons paid. The painting that took the worst tumble was a Van Dyck: it cost the Ericksons $200,000 plus two paintings, went for $27,000 last week...