Scott Reyburn’s interview with Christie’s CEO Edward Dolman this morning on Bloomberg also yielded the first confirmation from one of the auction houses that guarantees have returned to the business.
“You will see guarantees coming back,” said Dolman. “But it won’t be like the height of the market in 2007. We’ll be looking to share the risk much more. The contemporary market will recover.” Christie’s is currently discussing guarantees with certain sellers, Dolman said.
Note that Dolman is careful to suggest the continuation of third-party guarantees or other arrangements where the house takes less direct financial risk.