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
