News & Views

Reasonably advantageous auction terms

20 July 2017

rhetorical question was recently posed asking if auctioneers can use ‘reasonably advantageous’ terms and conditions (in their contract with a seller, and between the bidders and the auctioneer?) The answer presented was, “yes.” I certainly concur, depending upon your — or the — definition of “reasonable.”

Kenny’s labour of love

11 July 2017

Newly-opened KEN Gallery at Menara KEN TTDI boasts 20,000 sq ft of art space that houses Ken Holdings Bhd chairman’s private art collection and will also feature exhibitions of local and foreign artists.

My aim is to share my personal collection with the public through a rotation of displays at KEN Gallery. It is a small contribution to
the community — Tan


Real estate agents & auctioneers

30 June 2017

When a company is valued in excess of a billion dollars, it carries weight in its industry. So it is with Zillow, launched in 2006 to serve as an online database of homes to help sellers find buyers and buyers find homes. But Realtors now accuse the company of breaking its longstanding promise not to compete with them after it introduced a new program connecting buyers and sellers direct. They also say this program will cost homeowners millions in equity.

Edward Albee's collection up for auction

30 June 2017

Sotheby’s New York will offer some 100 works from The Collection of Edward Albee in a dedicated auction on Sept 26. The works are touted to offer an insight into the playwright, regarded as one of the greatest creative minds of the 20th century.
The full proceeds of the sale will benefit The Edward F. Albee Foundation, which provides residency stints for writers and visual artists in Montauk, Long Island.

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