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tartarus
Junior Member
Posts โข 2,628
Likes โข 2,168
February 2013
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Sotheby's paying buyers to Bid?, by tartarus on Jun 12, 2016 16:17:27 GMT 1, Is this a case of them paying a fee to the buyer, or are they just giving the buyer a discount on the buyers premium?
Is this a case of them paying a fee to the buyer, or are they just giving the buyer a discount on the buyers premium?
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Deleted
Posts โข 0
Likes โข
January 1970
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Sotheby's paying buyers to Bid?, by Deleted on Jun 12, 2016 17:17:34 GMT 1, Looks like they offered a fixed buyers fee before the sale which would stay the same regardless of the selling price.
but, "The Basquiat sold for $6.6 million, net of the fee paid to the mystery buyer, who was the only bidder."
wonder who the only bidder was bidding against?
Sotheby's have lent buyers money in the past to bid on art at high prices.
They did it with some Chagalls and the buyer bought them with Sotheby's money and done a runner 
www.wsj.com/articles/SB98168469893734688
"Between April and June, Mr. Cohen approached Sotheby's seeking loans to buy four paintings by Pablo Picasso and Marc Chagall. Dealers often borrow money from the auction house,"
Looks like they offered a fixed buyers fee before the sale which would stay the same regardless of the selling price. but, "The Basquiat sold for $6.6 million, net of the fee paid to the mystery buyer, who was the only bidder."
wonder who the only bidder was bidding against? Sotheby's have lent buyers money in the past to bid on art at high prices. They did it with some Chagalls and the buyer bought them with Sotheby's money and done a runner www.wsj.com/articles/SB98168469893734688"Between April and June, Mr. Cohen approached Sotheby's seeking loans to buy four paintings by Pablo Picasso and Marc Chagall. Dealers often borrow money from the auction house," |
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Poster Bob
Junior Member
Posts โข 5,803
Likes โข 5,418
September 2013
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Sotheby's paying buyers to Bid?, by Poster Bob on Jun 12, 2016 22:36:51 GMT 1, Enjoy the gettin' while the gettin' is good. Sooner or later the politicians will catch on to what's happening and the money will dry up and we'll all be talking about the good ol' days of chandelier bids.
Enjoy the gettin' while the gettin' is good. Sooner or later the politicians will catch on to what's happening and the money will dry up and we'll all be talking about the good ol' days of chandelier bids.
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Fake
Artist
Junior Member
Posts โข 2,376
Likes โข 2,143
July 2008
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Sotheby's paying buyers to Bid?, by Fake on Jun 13, 2016 9:33:45 GMT 1, With works of living artists it is even worse! It is common practice to sell works on auction and the bidder buys 1 work at auction and will get 1 or 2 other works for free from the artist/gallery.
This way prices will be much higher and the "Rep" of the artist will get hyped. This happens more than you think!
With works of living artists it is even worse! It is common practice to sell works on auction and the bidder buys 1 work at auction and will get 1 or 2 other works for free from the artist/gallery.
This way prices will be much higher and the "Rep" of the artist will get hyped. This happens more than you think!
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