The hard sell
More from ArtsFor all the billion-dollar turnovers and glamorous, high-profile sales in New York, London, Hong Kong and Paris, the top level of fine-art auctioneering is a notoriously high-overhead, low-profit business. At times, it is even a no-profit business (Sotheby’s made a loss last year). How the Big Two auction houses have grappled to respond to this uncomfortable fact has shaped recent saleroom history. First came collusion and price-fixing, which resulted in damaging — in every sense of the word — antitrust litigation in the US, and then brave but initially unsuccessful attempts to harness the internet revolution, with sothebys.com.