Sotheby’s Is Paying Buyers to Bid on Its ArtworkBy
Auctioneer pays fee to buyers who agreed to bid at sale
Company aims to transfer risk from art sales it guarantees
Sotheby’s was in a bind. The auction house had won several top consignments for its bellwether spring auction, including a Jean-Michel Basquiat that sold for $7.4 million four years ago, by guaranteeing the sellers minimum prices.
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