Malaysia has always claimed pride to having a multi-ethnic society. Petronas gallery celebrates this with an exhibition that is an eclectic mix of visual art, complemented with traditional instruments and indigenous craft. Visual Dialects: Cultural Ties That Bind brings together 43 artists, each of whom presents a piece of his/her personal life. There are six segments, five of which are categorised according to Malaysian states. The last segment is dedicated to black and white photography.
A buyer’s premium is a surcharge paid on top of the hammer price at an auction. For example, with a 10% buyer’s premium, a $1,000 hammer price (Sold! for $1,000) would require the buyer to pay $1,100 ($1,000 + 10%) to the auctioneer/seller.
Some auctions/auctioneers charge a buyer’s premium, and some do not. There is no right or wrong about charging a buyer’s premium — but the constant contention that few people (and only insignificant people) are deterred from an auctioneer/auction that charges one misses the much bigger picture.
We start today with the fact there are [only] two types of auctions. Just as state law dictates all across the United States, we noted as such here:https://mikebrandlyauctioneer.wordpress.com/2009/11/15/different-types-of-auctions/
The right for the seller to bid — outside of a forced sale — is dictated by which type of auction is being conducted. In a "with reserve" auction, the seller may bid and in a "without reserve" auction, the seller may not bid.
This is a question we get on a somewhat regular basis … “How do we know online bidders are real?” What is my answer with little or no other information? “We don’t.” However, it’s good to look at the big picture here.
Such a bird’s-eye view of this issue would include questions such as, “How do we know that live bidder is real?” “How do we know that car salesman’s final price is his final price?” “Do we know that was really orange roughy?” “How do we know … anything for sure?”
Malaysian senior artist Yusof Ghani, 68, will stage a solo exhibition at Galeria BAT Alberto Cornejo in Madrid from May 7-10.
Entitled, Bandera - The Spirit of Celebration, the exhibition will feature 30 oil on canvas works from the artist’s Segerak VII series. They range in size from 107cm by 76cm to 366cm by 220cm and are priced from RM35,000 to RM350,000.
The abstract paintings are said to feature the characteristic strokes of the artist and which converge to form "subtle faces and figures" that appear to be in constant movement and interaction.
Our discussion today regards a [hopefully] somewhat infrequent occurrence at personal property auctions. A bidder registers for the auction, bids, buys, removes, thus taking possession and control of the subject property but doesn’t pay.
The question we tend to get is, “This is theft, right?” We typically answer, “Probably not, and likely only a contract breach.” However, could a contract breach rise to a criminal matter?
Sotheby's Spring 2018 Hong Kong auction series concluded with a grand total of HK$3.64 billion / US$466.5 million, against a pre-sale estimate of HK$2.75-3.86 billion / US$353-495 million*, and with a strong combined sell-through rate of 89%.
It happens all the time. Onsite (live) bidders 10% buyer’s premium (BP) and online bidders 18% BP, for example. Thus, one bidder is paying/participating on different terms than another bidder.
We have discussed this issue numerous times including most recently here: https://mikebrandlyauctioneer.wordpress.com/2018/02/08/is-that-next-bid-...