www.newsadvance.com/lna/business/local/article/art_appr -
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Published on: 6/15/2008
Last Visited: 6/17/2008
Amy Gold, deputy chairman of Christie's Americas, said it was "the perfect auction mix."
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Leading up to an auction, Christie's works to increase interest in the art, Gold said.
A private sale is often preferred for secretive sales, she said, but an auction is much more open.
"It's completely clear what's happening; There's no sense of misdoing, and everyone can come to the table," she said.
For pieces to be sold at auction, Christie's takes pictures of the art, performs light cleanings if necessary and researches the history of the piece for internationally distributed catalogues.
Major works also may be advertised or taken on tours before the auction, Gold said, and the auction house contacts clients who may hold interest in bidding.
The cost of all that is covered by commission rates paid by the seller, Gold said.
"It's an incredibly expensive cost to sell a picture," she said.
Included in the auction price is the buyer's premium, which is a percentage the buyerpays on top of their final bid.In Christie's auctions in the U.S., the premium percentage ranges from 12 percent to 25 percent.
"That's really how we make our money," Gold said.
The $7.2 million "Trovador" price included a roughly $800,000 buyer's premium on top of the college's share of $6.4 million.
Christie's also sets the estimated value of the art based on the state of the market and how similar paintings have sold."Trovador" was set at $2 million to $3 million.
"We often think a painting could go beyond (the estimate)," Gold said.
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Gold said most art does not sell at such a high amount.
"What makes the news, of course, are things selling for $80 million," she said.
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