Posted By:
barrysloateFirst of all Hal, cute reference to a funny SNL skit. That aside, regarding reserves in the Sotheby's auction, my understanding of the auction law as it pertains to New York is that the highest legal reserve they can have is equal to or less than the low end of the estimate. Thus, the highest reserve they can have on the Wagner is $375,000. They may start it lower, and between the start price and $375K, you may have no idea what is going on, but once it hits $375K it is fair game and they legally can not influence the sale. The owner can always have a shill in the audience, but that is out of Sotheby's control. No, it can not be reserved for $2 million as you posit based on the estimate. I think Sotheby's has gotten in enough trouble in the last few years that they will certainly want to abide by the law. So I would be more worried about well heeled bidders than what's going on behind the scenes. I don't let my consignors bid in my own auctions, but if they want to have a friend bid for them, there is no way to control it and for that matter no way to know it is going on. I just advise bidders to go to their highest level and put blinders on regarding all the extraneous stuff that may or may not be going on.