The Transom hears that auctioneer Phillips de Pury had previously attempted to beat Christie’s to the Mugrabis’s bear with a cool $10M guarantee to sell it. They turned it down, along with an $8M offer on the bear from an unidentified private buyer. Instead, they chose Phillips competitor Christie’s—despite no such guarantee
Christie’s telegraphed $9 million as the number it might see for the bear when the lot was first announced. Others have mentioned numbers as high as $20 million. Turning down a $10m guarantee raises the bar for a successful sale.
Christie’s Bullish on Urs Fischer’s Bear (Observer)