KJust before the most important auctions of the spring season 2022, the New York auction houses were surprised by the city authorities. To improve the business climate after more than two years of pandemic, consumer protection regulations have been relaxed and economic regulations have been abolished. This should actually relieve smaller businesses such as laundries or cafés, but the amended “Local Law 80” now means that restrictions on the art trade are also lifted, even for large companies.
For example, auctioneers no longer have to disclose whether they have financial interests in works that are for sale. After deregulation, they would now even be allowed to announce fictitious bids to drive the auction or to raise the price above the reserve price with so-called “chandelier bids” – in which the auctioneer looks up at the chandelier instead of in the hall. And auctioneers will soon not even need a license.
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Many of the rules were specifically created by the city of New York 30 years ago to tame the art market, which was considered opaque. At least the great international houses declared but that they want to continue to “work fairly” (Sotheby’s), adhere to “the highest ethical standards” (Christie’s) and “run auctions transparently and in the best interests of customers” (Phillips).
Just as if the previous regulations were still in force. After all, the relative transparency of the auction market has also benefited the grandees of the industry in the past boom years.
Strong demand expected
Trust – from consignors as well as bidders – is the basis of your business with art. A deal that could bring a good billion dollars into the auction house coffers in the coming week. Because the offer of the “New York Sales” in May 2022 is top-class. Some consignors have probably also been waiting for the pandemic to subside in order to put their most promising pieces on the market. And the high estimates suggest that the auction houses are sure of strong demand.
Christie’s is expecting the highest hammer price ever in the coming weeks – for Andy Warhol’s “Shot Sage Blue Marilyn”. It’s supposed to be $200 million. Another screen print from the four-piece edition of the Monroe from 1964 is said to have been privately procured for the same price. The picture comes from the 100-piece collection of the art dealer couple Ammann from Zurich, which is dissolved.