Rookie Mistakes Of Third-Party Guarantors

Auction house guarantees have been an essential part of the top end of the art market for decades. But with more people than ever before clamouring to be third-party guarantors, auction houses increasingly simply structure the guarantee transaction and then sell off the risk to dealers, art advisors, or collectors who typically hail from the hedge fund, private equity, and real estate industries.

From the Living Room to the Saleroom, How Prize Artworks Get to Auction

Selling a valuable work of art is a big responsibility that can push owners outside their comfort zones. There is so much money on the line, so many decisions to make, and so many questions about who to trust. How does one proceed?  Let’s look at the real-life example of siblings I’ll call Jason and Lily, who sold their mother’s collection in 2015 after she passed away. Their story illustrates the pleasure and pain of figuring out the best way to sell major works of art.

What Art Basel in Miami Beach’s Most Instagrammed Works Tell Us about the Art World Today

Critics, collectors, and curators now use Instagram to share images of art that inspires and intrigues them. Jerry Saltz, the Pulitzer-winning art critic for New York magazine, has 287,000 Instagram followers. Yusaku Maezawa, the Japanese technology entrepreneur and collector who paid $110.5 million for a Jean-Michel Basquiat painting, has over 100,000 fans.

Why Guarantees Are Actually Good For The Art Market

Collectors are sometimes terrified to sell works of art at auction—and not without reason. Maybe the object will fail to sell, becoming tainted or “burned” in the eyes of the marketplace. Maybe the estimates the consignor agrees to are too low, and the work sells for a song. But selling at auction also exposes the work to the largest number of potential buyers, increasing the odds it will sell for the best price possible.

Living Like A Rockefeller

In early May 2018, David Rockfeller's three-day estate sale brought in $833 million for charity, setting an auction record for a private collection. As part of Rockefeller's very detailed estate plan, Christie's auctioned off more than 1,500 items from the estate of Peggy and David Rockefeller