To Soothe Sellers, London Auction Houses Give Guarantees

“Auction houses are guaranteeing prices of some top works in this week’s London art sales, which coincide with the worst financial crisis since the Depression. The sales … have a total minimum price tag of 107 million pounds ($187 million). Sotheby’s has more than half of its total lot value guaranteed; Christie’s International guarantees 38 percent, meaning both promise fixed prices to vendors whether the art sells or not.”