“Pessimists are worried that Christie’s and Sotheby’s may not even survive the crisis. Derek Johns, a London dealer who was once a director of Sotheby’s, says, ‘It would be devastating if they became bankrupt.’ The optimists, on the other hand, say that Christie’s and Sotheby’s have survived drama and scandal in the past, and that a better, more competitive and less arrogant art market may eventually come out of all this.” – The Telegraph (UK)
- Previously: EBAY TO BUY SOTHEBY’S? Five-year-old eBay is reported to be interested in buying the troubled 256-year-old auction house. Valued by the stock market, eBay is worth nearly $20 billion, 16 times Friday’s closing price for Sotheby’s. – The Independent (UK)
- OF SINS AND SCANDALS: So what’s a little collusion? Other auction house practices may be legal, but they’re far from fair. – Artnewsroom.com
- SELLERS’ MARKET: “This sends a bolt of lightning through the marketplace,” said Scott Black, president of Delphi Management, a Boston money-management firm, and a serious collector who has spent tens of millions of dollars on fine paintings. “When you step into that auction room and raise your hand, you assume it’s a fair market. . . . I think a lot of people are going to think twice about the spring auctions.” – Washington Post