“If it had been business as usual, [Sotheby’s] may have been able to extract the larger ticket items from consignors,” he said.
Tiroche described the sale as “tight and solid”, but revealed Sotheby’s and Christie's had struggled with consignments with around two weeks to go before their deadlines. “Lots of material had to be scrambled from dealers,” he said.The most prominent work of the evening was not the most valuable. But Sotheby's is making a PR push with the Warhol sale to make a point that Christie's sat out a solid opportunity to make sales. Here's Judd Tully on the sale of Andy Warhol's first series of self portraits:
Guaranteed with an irrevocable bid, it received one bid from Turkish collector Kemal Cingillioglu (the guarantor?) before selling to a telephone bidder for £6 million ($7.7 million).Collector might not be the most appropriate description of Cingillioglu who is a frequent buyer or guarantor and eventual seller or supplier to the auctions. Perhaps he is better called a collector/dealer or, even better, a permanent market participant (PMP).
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