Who Owns the Art at Menzies?
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.)