Vasari Art Codex

trending_up market schedule Jul 17, 2025 visibility 3 link 4 artists, 2 galleries

Phillips Sues Wealthy Scion for Failure to Come Through on Pollock Purchase

Phillips auction house has filed a lawsuit against film producer David Mimran, alleging he failed to pay $14.5 million for a Jackson Pollock painting after serving as a third-party guarantor. The untitled ca. 1948 white-on-black drip painting, which had appeared in a 1998 retrospective at the Museum of Modern Art, received no bids at a November auction in New York, leaving Mimran legally obligated to purchase it. Mimran missed two payment deadlines and later claimed he could not meet a third, prompting Phillips to file a complaint with the Supreme Court of New York.

newspaper Artforum open_in_new Read original

trending_up market schedule Jul 1, 2025 visibility 3 link 7 artists, 2 galleries

New world record for Canaletto as view of Venice sells for £31.9m

A Canaletto painting, *Venice, the Return of the Bucintoro on Ascension Day* (circa 1732), sold for £27.5 million (£31.9 million with fees) at Christie’s in London on July 1, setting a new auction record for the artist. The work, once owned by Britain’s first prime minister Robert Walpole, exceeded its $20 million estimate and was purchased by an anonymous phone bidder. The sale drew five bidders from Asia, Europe, and North America, and the painting was backed by a third-party guarantor.

newspaper The Art Newspaper open_in_new Read original

trending_up market schedule Jul 8, 2025 visibility 3 link 3 artists, 1 gallery

How Third-Party Guarantees Are Quietly (But Significantly) Rewriting the Rules of the Art Auction

The article reports that the New York Spring Marquee auctions in May 2025 generated $1.27 billion, an 8% decline from $1.38 billion in May 2024, followed by a 26% drop in London June auctions to £98 million. In response to this volatile market, auction houses like Christie’s and Sotheby’s are increasingly relying on third-party guarantees (or irrevocable bids), where a buyer agrees in advance to purchase a lot at a set price if no higher bid emerges. Data from Pi-eX Ltd shows that third-party guarantee coverage surged from near zero in 2021 to a record 73% in May 2025, with the Leonard & Louise Riggio collection being 99% backed by such guarantees.

newspaper observer.com open_in_new Read original