Comments on Christies and Sotheby's are INCREASING the Buyers Premiums!!TypePad2008-05-30T18:45:06ZMAO - Modern Art Obsessionhttps://modernartobsession.blogs.com/modern_art_obsession/tag:typepad.com,2003:https://modernartobsession.blogs.com/modern_art_obsession/2008/05/christies-and-sothebys-are-increasing-the-buyers-premiums/comments/atom.xml/Lewis Baer commented on 'Christies and Sotheby's are INCREASING the Buyers Premiums!!'tag:typepad.com,2003:6a00d83451694c69e200e5537df30888332008-07-01T01:19:08Z2008-07-01T01:19:08ZLewis Baerhttp://www.newel.comDo the math! Secret Reserve = bid rigging The ever RISING/non-negotiable buyer's premium = price fixing Sotheby's + Christie's =...<p>Do the math!</p>
<p>Secret Reserve = bid rigging<br />
The ever RISING/non-negotiable buyer's premium = price fixing<br />
Sotheby's + Christie's = Duopoly<br />
Bid Rigging + price fixing + Duopoly = antitrust (as is The Sherman Antitrust Act)</p>Uncle Sam commented on 'Christies and Sotheby's are INCREASING the Buyers Premiums!!'tag:typepad.com,2003:6a00d83451694c69e200e55361b17a88332008-06-20T01:16:30Z2008-06-20T01:16:30ZUncle SamRecently submitted stuff to auction, one of which failed to sell the others lackluster ...although similar works sold for more...<p>Recently submitted stuff to auction, one of which failed to sell the others lackluster ...although similar works sold for more than double the reserve 1 to 2 years prior. Lots of factors involved but I'm sure the massive premiums were a factor in this as well as the number of recent auctions that have had large amounts of buy ins.</p>
<p>I will definitely be paying more attention to reserves and my risk/cost if I consign stuff in the future and you better believe that I will be bidding slightly less than I would now than when premiums were in the 15-20% range just a few years back. </p>
<p>It's going to hurt the sellers and much worse it's going to hurt the artists (especially young artists) whose auctions showings will be weak and or deteriorate thanks to the endlessly increasing fees.</p>Nicholas Forrest commented on 'Christies and Sotheby's are INCREASING the Buyers Premiums!!'tag:typepad.com,2003:6a00d83451694c69e200e552c5713688342008-06-05T02:05:51Z2008-06-05T02:05:51ZNicholas Forresthttp://www.artmarketblog.comIt's no secret that the auction houses are opportunistic and greedy so I am not surprised in the least that...<p>Its no secret that the auction houses are opportunistic and greedy so I am not surprised in the least that they are upping their fees. Forget sustainability, the $$ of the here and now is all the auction houses are interested in</p>
<p>Nicholas Forrest<br />
<a href="http://www.artmarketblog.com" rel="nofollow">http://www.artmarketblog.com</a></p>john morris commented on 'Christies and Sotheby's are INCREASING the Buyers Premiums!!'tag:typepad.com,2003:6a00d83451694c69e200e552b0ca9588342008-06-02T15:43:05Z2008-06-02T15:43:05Zjohn morrishttp://diggingpitt.blogspot.com/I think auction houses might get a short term boost as more sellers are willing to part with things. You...<p>I think auction houses might get a short term boost as more sellers are willing to part with things. You always hear that the issue is lack of great product comming up for auction.</p>
<p>One other off the subject question I have is this... savings rates, debt levels, investment flows are piling wealth into non western markets, which makes one wonder if the western art's position at the top of the art market will continue.</p>