News & Features

Should the “buyer’s premium” be shown to the seller?

22 June 2017

Our question today involves an auction where the auctioneer/seller is charging a buyer’s premium. For example, a lot sells for US$1,000 and with a 10% buyer’s premium, the buyer of that lot pays US$1,100 (US$1,000 + 10%.)

Following the auction, of course, the auctioneer would have to settle the auction with his seller. In doing so, that settlement paperwork would show (should show) the sellers gross proceeds, any expenses and net the seller is receiving.

​Auction terms vs auction descriptions

2 June 2017

I get a laugh sometimes when I review auction terms and conditions. I get an even bigger chuckle when I see that the terms and conditions of the auction are to be enforced ​strictly but the property descriptions are to be interpreted ​subjectively.

S.S. Normandie’s US$1mil Art Deco Panels For Auction

18 May 2017

 Sotheby’s will offer eight rare panels from the legendary ocean liner, the S.S. Normandie, in its June 6 auction of Important Design in New York. The panels will be on public exhibition from June 2-5 at Sotheby’s New York.

From the Forbes family collection, the reverse-glass panels – with an estimated value of about US$1mil -- are part of the History of Navigation mural, designed by French artist Jean Dupas, originally installed in the luxury voyageur’s Grand Salon.

Art Stage Jakarta reboots

17 May 2017

Art Stage Jakarta will open its doors for the second edition of the fair from 11 - 13 August 2017. According to a press release, all "major" Indonesian galleries will be exhibiting "exclusively" at the second annual fair.

The organisers cite the participation of "Indonesia's top six galleries" and some of the artworks they will be presenting at the fair.

CAN’S Gallery

Auctions where buyer won’t pay; seller won’t convey

17 May 2017

As auctioneers, two distinct situations arise periodically in regard to property being sold:

  1. A bidder becomes the buyer and he refuses to pay for his purchase.
  2. A seller refuses to convey the property after a bidder becomes the buyer.

The immediate thinking typically is that in either situation there is a breach of contract. Indeed there is a breach. Today’s topic is what recourse does either party have?

Basquiat's 1982 Masterpiece Set To Sell At Least US$60mil

28 April 2017

In the upcoming May 18 sale in New York, Sotheby’s Contemporary Art Evening Auction will be led by Jean-Michel Basquiat’s Untitled from 1982, a monumental masterpiece that has been virtually unseen since it last appeared on the market in May 1984.

Egon Schiele's Danaë estimated to fetch at least US$30mil

26 April 2017

On May 16, Sotheby's New York Evening Sale of Impressionist & Modern Art  will be led by Egon Schiele’s first masterpiece: Danaë, painted in 1909 when the artist was 19 years old.

Daring in its technique, the work offers the earliest expression of Schiele's extraordinary vision. Danaë is distinguished further as the artist’s first major oil painting of a female nude, heralding the revolutionary aesthetic his art would develop over the next decade, until his untimely death at the age of 28.

Perception: Cai Xiaosong

26 April 2017

Sotheby’s Hong Kong Gallery will stage a selling exhibition of Chinese contemporary artist Cai Xiaosong from May 5-19.

Entitled, Perception: Cai Xiaosong,  the show  features 29 works and include the artist’s new ink landscape painting series entitled Song – Perception which is said to mark a decisive transition in his art.