Are Art Auction Houses Mocking Art Buyers? – artmarketblog.com Not only does there seem to be the potential for art auction buyers to be influenced by incorrectly categorised and catalogued works, but apparently some auction houses now appear to conducting
should be buying, and encouraging buyers to pay more than they should be paying for works of art, is that some time in the future the buyers who fell for this ploy will likely find out that they paid too much. What Phillips De Pury seem to be inferring with their “Carte Blanche” sale is that the works included in the sale somehow become more valuable or desirable because they were chosen by a well known and respected art world figure. And, judging by the success of the sale, plenty of buyers fell for the ploy. I just hope these buyers don’t expect to be able to recoup what they spent anytime soon.
There are even more issues with the “Carte Blanche” sale than the ones I have outlined, but those will have to wait for another post.
Disclaimer: Auction houses are well within their rights to conduct their business in the ways that I have discussed above. I do not claim to have any proof that the auction houses are doing anything wrong, but am merely raising questions in the hope that they encourage discussion and dialogue. The above post is purely my opinion and is in no way a statement of fact.
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications