Archive for November, 2007
Now A Second Auctioneer Gets It
Thursday, November 29th, 2007What is going on here? A second auctioneer recently announced a change of practice in their method of auctioning to the public. As related in an editorial in the Maine Antiques Digest, James Halperin, co-chairman of Dallas based Heritage Auction Galleries, stated in a letter to the Wall Street Journal that Heritage now discloses the [...]
Finally, An Auctioneer Gets It!
Tuesday, November 27th, 2007I have to admit, I never thought an auctioneer could so clearly elaborate on some of the critical issues that plague the auction process in our industry. Robert Brooks, Bonham’s Chairman, displayed candour and truthfulness in stating “The minute an auction house moves away from simply being an intermediary between buyers and sellers and takes [...]
Special Buyers Terms, Special Conflicts of Interest
Monday, November 19th, 2007In Carol Vogel’s article “One Market Remains Sound: Money Is Still There for Best Art” in Saturday’s (11/17/07) New York Times, she reported that “when Sotheby’s or Christie’s is nervous that a work will not do well, it is not unusual for the house to contact potential buyers and offer special payment terms.” (my italic) [...]
Bargain Time For Antiques-Not Anymore
Thursday, November 15th, 2007You might remember 9 months ago, I commented (2/8/2007 blog) on a New York Times feature article in the House & Home section, revealing the dire straits of dealers suffering from a 30% fall in prices since 2002. It’s time to look at the present market conditions and see what has changed. Decorative Arts seem [...]
Sotheby’s, Taking One for All Auctioneers
Wednesday, November 7th, 2007What happens when you have 20 various creditors to a dealer’s bankruptcy, who wants to opt out first? Sotheby’s, of course, is trying to opt out of the NY State Supreme Court ruling by Judge Richard B. Lowe III that blocks the sale of all art items inside the Salander-O’Reilly Gallery in New York City. [...]
Rethinking The (Secret) Reserve
Friday, November 2nd, 2007There are a lot of believers in the need for a reserve at auction, even if it has to be hidden from the public. I believe that it really isn’t necessary, and with the openness created by the Internet, the marketplace should be a secure barometer of what it’s worth. An opening bid at any [...]