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Collectors Beware: A Glimpse Into The High-Risk, High-Reward World Of Antiquities And Its Dark Underbelly, Claire M. Purcell
Collectors Beware: A Glimpse Into The High-Risk, High-Reward World Of Antiquities And Its Dark Underbelly, Claire M. Purcell
MA Theses
The market for Antiquities often sparks fierce moral and legal debates amongst the public and professionals. What most do not concern themselves with is the unusually high level of risk the market functions under. From cultural heritage concerns, to the surprising abundance of fake Antiquities available for purchase, and the dark market entwined with legitimate business, the market is saturated with danger and yet continues to operate. This thesis will investigate how the market forces come together, considering the differing roles preformed by collectors, museums, auction houses, galleries, and Antiquities dealers. In an attempt to answer the question, how does …
The Old Masters Market And The Salvator Mundi: What Did It Do, What Can Be Done?, Mary Sullivan
The Old Masters Market And The Salvator Mundi: What Did It Do, What Can Be Done?, Mary Sullivan
MA Theses
On 3 November 2017, within the Post-War & Contemporary Evening Sale at Christie's auction in New York, nestled between a Vija Celmins and Jean-Michel Basquiat, was a painting attributed to Leonardo da Vinci, the Salvator Mundi (1490-1500.) The work quadrupled the estimated sale price of 100 million USD, hammering at 400 million (for a total of 450.3 million with buyer’s premium.) This work, setting the record for the most expensive work of art ever sold, at auction or private, creates a curious case for the Old Masters category. What appears to be a shrinking, potentially dwindling category of art, now …
Business Interrupted : Covid-19 And Its Impact On Auction Houses, Carolina Sagardoy
Business Interrupted : Covid-19 And Its Impact On Auction Houses, Carolina Sagardoy
MA Theses
This study aims to thoroughly analyse how auction houses are coping with the conditions imposed by the Coronavirus pandemic in the short-term and what the virus’ long-term impact on the business will be. The study will look at upcoming marketing campaigns and the quick migration to online sales, and will analyse the data within those sales. The study is unique in its aim to also analyse buyer and seller psychological behaviours and how they will be impacted as a result of forced or voluntary distancing when live sales return. Overall, the thesis aims to address the question: Can the auction …
Re-Thinking Risk Management Of Auction House Guarantees And Third-Party Irrevocable Bids, Nathan Krasnick
Re-Thinking Risk Management Of Auction House Guarantees And Third-Party Irrevocable Bids, Nathan Krasnick
MA Theses
This paper addresses the question of how deviations between expected and actual art auction results impact the auction guarantees made within an artist’s market and among multiple artists, and whether those impacts can be identified and quantified. To do so, I use a theoretical pricing model based on datasets of historical auction records going back to the earliest available date for a specific artist but no further than 2010. I find that, in comparing the model’s expected and actual results to empirical price deviations at auction, we can identify and quantify the impact of those deviations on guarantees.