Guarantors in today's high-stakes art market aim to earn a quick payout from fees, not to bring home any paintings
As New York’s spring auctions kick off this week, a new crowd of investors is bidding on works they secretly hope to lose.
Several dozen risk-takers have already signed contracts promising to buy at least 84 works for an estimated $611 million combined, or 39% of the entire sales’ expected value. Even if rivals outbid them, these prearranged buyers—called third-party guarantors or irrevocable bidders—stand to profit by taking as much as one-third of the sellers’ proceeds above their pledged prices.
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