Doubts Don’t Help Prices
This Bonnard and Warhol’s Picasso made prices toward the low end of their estimates (with the premium added) at Menzies. The Bonnard went for A$1.1 million and the Warhol A$1.5 million. Menzies’s spokesman used the questionable excuse of turmoil in the financial markets. Forget the slowdown in August’s sales in Australia.
Presale worries about the ownership of the two works suggested a guarantee would drive prices upward (how that works was not explained in the article.)