Auctions

On February 1, 2024, Sotheby’s auction house announced a new fee structure that came as something of a surprise to the art world. For decades, Sotheby’s and its competitors have been one-upping each other with respect to the fees charged to buyers and sellers. While these fees have unquestionably increased the profitability of the auction houses themselves, in their complexity they have often bewildered auction participants and market observers alike. In theory at least, that may be about to change. Beginning this spring, Sotheby’s new fees will be both lower and potentially easier for all parties to understand. They apply to sellers consigning lots for auction after April 15, and to buyers beginning on May 20.

Since art auctions were invented, they have served to hype artists’ prices. It can happen during an artist’s lifetime — Jeff Koons’s ‘Balloon Dog’ — or half a millennium after their death — Leonardo’s ‘Salvator Mundi’. And it can sometimes restore a lost reputation, as happened with Frans Hals. When the picture now famous as ‘The Laughing Cavalier’ came up for auction in Paris in 1865, Hals was all but forgotten. A successful portraitist in his lifetime, he never made much money — with a wife and at least ten children, he remained a renter throughout his career — and after his death his reputation, overshadowed by Rembrandt’s, was tarnished by claims that he was a piss artist.

In my bedroom there is a small lidded laundry basket. It was designed by Geoffrey Lusty for Lloyd Loom, a company that has, since 1917, been producing surprisingly durable furniture made from lacquered woven paper fabric for the middle classes. The basket is globular and stands on three spindly legs. It is weatherbeaten, and slightly worn, because it was produced in 1957, at the dawn of the Space Era. Indeed, it is a Sputnik wicker linen basket, designed in the style of the famous satellite. Only 100 were ever produced. Why is this double design classic not in a museum? It may be that one is. As far as this one is concerned, however, I bought it at an auction in Bedfordshire last month for just over two hundred quid.