Word: sayed
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Dates: during 1980-1989
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...nature of auctions themselves and the ethics of the trade -- is giving guarantees to the seller of a work of art and loans to the buyer. If X has a work of art that auctioneer Y wants to sell, Y can issue a "guarantee" that X will get, say, $5 million from the sale. If the work does not make $5 million, X still gets his check, but the work remains with the auction house for later sale. Guarantees are a strong inducement to sellers...
...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, say many dealers. But others think the idea is worth serious thought, though none believe it likely to happen while Washington still clings to the conservative catchword of deregulation. Besides, says Eugene Thaw, the doyen of U.S. private dealers, Sotheby's in particular may have enough political clout in New York...
What drives the art market, some people say, is the desire to invest. Of course, it is more than that; genuine love of art, and even a curious yearning for transcendence, fuel it as well. But does art-investment success have an upper limit? Is there a limit to demand? Economists Bruno Frey and Angel , Serna, in an excellent inquiry in the October issue of Art & Antiques, examine the case of Yo Picasso. Humana Inc. president Wendell Cherry, who bought it in 1981 for $5.83 million and sold it in 1989 for $47.85 million, got a "real net rate...
...detractors say, perhaps unfairly, that if you put Gagosian and the rest of his ilk in a bag and shook it for a week you wouldn't get an ounce of connoisseurship. But that is not what counts. What does count is the instinct for when to grab the chicken, the hot artist, and get a lock on his or her work...
Last month Sotheby's $27 million loan to Bond, which up to then had been a closely guarded secret, was disclosed by Bond's own company. How much has been repaid? Sotheby's won't say; a spokesman for Dallhold soothingly announced that "all is in order" and only "10% to 25% of the picture price" (between $5.4 million and $13 million) remained to be paid. The balance would be satisfied by the sale of Bond's Manet, La Promenade, at Sotheby's last week...