Nonetheless, whether virtual or in person, clients contact us for advice concerning their consignments. Due diligence must be exercised, ensuring provenance and authenticity are sound and compliance obligations with current anti-money-laundering regulations are fulfilled.
From time to time we come across consignors who anticipate unrealistic financial results. They are blinded by the global attention A-list collectors are receiving in the press; bidding wars and unexpected happenings such as artworks shredding right in front of bidders' eyes, achieving astronomical prices. One face of the high-end auction market, however, is that there are also unsold lots when reserves are not met, such as Francis Bacon, ‘Study of Red Pope’, 1962, 2nd Version 1971’. A trophy painting offered at Christies’ evening sale of Post-war and Contemporary art, in October 2017. The large canvas was projected to sell for GBP 60 million and flopped when the painting did not receive a single bid, demonstrating the importance of getting the estimate right. Guarantees are still offered for blue chip artworks, ensuring their sale but clearly not this work.
Over the years we increasingly noticed unjustifiable outlooks of collectors for sales by auction and sales by private treaty. Managing our clients' expectation are key, avoiding disappointment and acrimonious emotions.
Photo: Christie’s London Sale of Contemporary Middle Eastern Art, October 2018.
Courtesy and ©Janet Rady (photo) and Renée Pfister Art & Gallery Consultancy, London, 2020. All rights reserved.
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