Resumen de After losses, auction houses rethink guarantees.
This article discusses issues relating to price guarantee agreements that were triggered after several art auctions failed to reach their reserve prices in New York City during the financial crisis of 2008. While the auction house Christie's Inc. did not disclose their losses due to unmet price guarantees, their rival Sotheby's noted substantial losses. Efforts to cut expenses relating to the organization and marketing of auctions are assessed.
