(EN) – An Illustrated Guide to Auction House Terminology | Tiernan Morgan & Lauren Purje

Over the course of a single week in November 2014, over $1 billion was spent on contemporary art at the three largest auction houses — Christie’s, Sotheby’s, and Phillips. Despite endless articles on the state of the art market, the actual mechanics of the auction world are largely opaque. What is “chandelier bidding?” How exactly do third-party guarantees work? And what are the “three D’s?” Learn the basics with our terminology guide.

via: Hyperallergic Media, Inc.

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