artnet News | Henri Neuendorf:
How do auction houses operate today? The reality is that amid greater competition for consignments, auction houses have developed a number of complex financial arrangements to secure top-level works. One such arrangement is a minimum price guarantee. The art auction market today is dominated by two major international players, Sotheby’s and Christie’s… Read more
Image: Auction houses offer collectors minimum prices to win important consignments.
Photo: Photo by Spencer Platt/Getty Images.