The perfect Lot 1 will double or triple its presale estimate, igniting high spirits in the salesroom that encourage enthusiastic bidding.
That is from a new and excellent NYT Judith H. Dobryzynski feature story on how art markets work, interesting throughout. Here is some nudge, through the whetting of the appetite:
As at a bad play, people may well leave in midauction. So it’s good to set conservative estimates, Mr. Pylkkanen explained: “Then they come in feeling that they may win the object, and when they have that idea in their head, it’s psychological; they go longer. They’re thinking about the celebration they are going to have” if they win.
It’s not the focus of this article, but I believe the art world to be one of the more corrupt sectors of the American economy, once you consider the prevalence of fakes, the amount of looking the other way, and also the use of high appraisals to get favorable tax breaks on donations. Along other lines, here is one bit:
When asked if they would help get a collector’s child into college to get a great consignment, Mr. Rotter and Mr. Shaw both laughed and nodded yes.
The NYC auction season starts quite soon.
For the pointer I thank Claire Morgan.