Sunday, August 31, 2014

"The company has doubled the 'maximum permissible amount of net outstanding auction guarantees' from $300m to $600m"

The Art Newspaper's Charlotte Burns:  Sotheby's comes out fighting ahead of auction season.

Tim Schneider tweets in response:  "Much as I hate guarantees this may be their only hope. Reality is most people sell at auction because they want/need capital fast. Guaranteed money talks loudest to consignors in that situation. So it Christie's is offering big guarantees, only way for Sotheby's to keep pace and get quality work is to fight fire with fire."