Private Sales

A private sale is when the auction house matches a buyer and seller, and takes a percentage. The system of private sales works in two ways; with vendors choosing not to take the salesroom route and asking the auction house to find a private buyer. Reasons for opting for a private sale include discretion, the avoidance of possible family recriminations and the fear of the work being ‘burned’ or failing to find a buyer at auction. On the other hand, buyers may ask the auction house to look out for a distinguished work.






RELATED SECTIONS:

Art Investing Risks

Art as a Financial Art

Buying Contemporary Art

RELATED GLOSSARY WORDS:

Bought In

Buyer’s Price

Buyer’s Premium

Pre-Sale Estimate

Auction Guarantee

Guaranteprivate Sales