House Sales: Reverse Auctions in the Art Market

Here's a fascinating piece from ArtNet, detailing some of the innerworkings of the art market. "House Sales" represent the art world's use of reverse auctions, as described below:

These scantly attended monthly events are where you might catch a "reverse auction," in which the auctioneer attempts to open a lot at $1,000, say, and then, when no one bites, lowers the opening bid to $500. Since it’s the auction business, where one person’s trash is another’s treasure, bargains can occasionally be had.

Read the complete piece below to see what treasures have been had at such events:

ART MARKET WATCH

Interesting stuff!

David


From the Reverse Auction Research Center: http://reverseauctionresearch.blogspot.com/ +++++++++++++++++++++++++++++�

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