News

GUARANTEES slashed, costs to follow. That’s the message from Sotheby’s as they announce third quarter losses of $46.2m. And consignors will have to be more realistic about the deals they can secure and their expectations at auction in future.

COMING just hours after the election of Barack Obama in the US, a poster of the new President-elect sold at Bonhams & Butterfields in California for a double-estimate $4800 (£3145).

AS millions of Americans celebrated the victory of Barack Obama, Christie's announced that they will be offering an important memento from another historic Presidential election which brought a sense of hope to the country.

Following the sometimes painful results of last week's Impressionist and Modern art sales in New York, there can now be little doubt that the worldwide financial distress is undermining demand for trophy paintings and sculpture. All sales missed their low estimates by some margin.

The unique Russian Catherine the Great 1755 gold 20 rouble coin sold for a record price of £1.55m hammer at St James's Auctions on November 6.

Fireworks were seen in Edinburgh on November 5 when this Charles Voysey secretaire leapt above its modest £3000-5000 estimate to sell for £70,000 at Lyon & Turnbull's Decorative Arts sale.

Caskey-Lees' 18th staging of Arts of Pacific Asia next year has to leave its traditional venue, the 69th Regiment Armory on Lexington Avenue.