According to Bloomberg, Bonhams itself could be offered for sale for $1 billion (£823 million) by its owners, the private equity group Epiris, who are reportedly seeking advice from JP Morgan Chase & Co.. The 230-year-old auction house is one of the world’s oldest and largest auctioneers of fine art and antiques.
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Christie’s have announced that they will sell 150 masterpieces from the estate of Microsoft co-founder Paul Allen, who died at the age of 65 in 2018. The anticipated sale is set to be one of the highest valued single-owner sales ever to come to auction.
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Christie’s auction house took another step last week to secure its position at the forefront of the intersection between art and technology. They launched an in-house investment fund, ‘Christie’s Ventures’, which aims to offer financial support and guidance to startups in the developing field of technology and fintech.
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With the summer auctions nearly upon us, we have put together an art lawyer’s guide to buying art at auction
Our first and fundamental tip is research! In an auction, a binding contract is made when the gavel falls, so you need to have done all of your research before then. What this entails will depend on the value of the item. Continue reading
Gustav Klimt’s portrait Bildnis Gertrud Loew (1902) will be offered for sale at Sotheby’s London on 24th June in the Impressionist & Modern Art Evening Sale. The painting, which has an estimate of £12-18 million, has been consigned for sale following a settlement between the Felsöványi family and The Gustav Klimt | Wien 1900-Privatstiftung (Klimt Foundation). Continue reading
Lessons learned from the case of Thwaytes v Sotheby’s
In 2006 Mr Thwaytes consigned a painting, the Cardsharps, to Sotheby’s for further investigation. Sotheby’s advised it was a good 17th Century copy of the original by Caravaggio and the painting was sold at auction for a hammer price of £42,000 to a leading Caravaggio scholar, Sir Denis Mahon, who later announced that he and others believed it to be by Caravaggio, and therefore worth far more. Continue reading
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