On occasion, Christie's has a direct financial interest in the outcome of the sale of certain lots consigned for sale. This will usually be where it has guaranteed to the Seller that whatever the outcome of the auction, the Seller will receive a minimum sale price for the work. This is known as a minimum price guarantee. Where Christie's has provided a Minimum Price Guarantee it is at risk of making a loss, which can be significant, if the lot fails to sell. Christie's therefore sometimes chooses to share that risk with a third party. In such cases the third party agrees prior to the auction to place an irrevocable written bid on the lot. The third party is therefore committed to bidding on the lot and, even if there are no other bids, buying the lot at the level of the written bid unless there are any higher bids. In doing so, the third party takes on all or part of the risk of the lot not being sold. If the lot is not sold, the third party may incur a loss. The third party will be remunerated in exchange for accepting this risk based on a fixed fee if the third party is the successful bidder or on the final hammer price in the event that the third party is not the successful bidder. The third party may also bid for the lot above the written bid. Where it does so, and is the successful bidder, the fixed fee for taking on the guarantee risk may be netted against the final purchase price.
Third party guarantors are required by us to disclose to anyone they are advising their financial interest in any lots they are guaranteeing. However, for the avoidance of any doubt, if you are advised by or bidding through an agent on a lot identified as being subject to a third party guarantee you should always ask your agent to confirm whether or not he or she has a financial interest in relation to the lot.
Barbara Gladstone Gallery, New York
Private collection, Germany
Anon. sale; Christie's, New York, 16 November 1999, lot 14
Private collection, Vienna
Skarstedt Gallery, New York
Acquired from the above by the present owner
PROPERTY FROM A PRIVATE NEW YORK COLLECTION
ZG The Body, Spring 1984, p. 1, no. 10 (another example illustrated).
Wolkenkratzer Art Journal, March/April 1988, no. 2 (another example illustrated on cover).
Dirty Data:Collection of Wilhelm Schürmann, Ludwig Forum für Internationale Kunst,1992, p. 75 (another example illustrated).
R. Prince, Photographs 1977-1993, Hannover 1994, p. 57, pl. 15 (another example illustrated).
"Richard Prince-Spiritual America", Richardson, issue A1, 1998, p. 63 (another example illustrated).
S. Römer. Künstlerishe Stratefien des Fake, Ostfildern, 2001, pl. 26, p. 133 (another example illustrated).
F. Poli, Let's Entertain, Tema Celeste - Contemporary Art, March/April 2001, p. 59 (another example illustrated).
Artforum - 40th Anniversary The 1980's, March 2003, p. 124 (another example illustrated).
R. Brooks, J. Rian and L. Sante, Richard Prince, London/New York, 2003, p. 52 (another example illustrated).
Richard Prince: Women, exh. cat., Los Angeles, 2004, no. 117 (another example illustrated).
A.M. Gingeras, "Richard Prince's Second House", Parkett, No. 72, Zurich/New York, 2004, p. 116 (another example illustrated).
M. Karabelnik, Stripped Bare: The Body Revealed in Contemporary Art, London, 2004, p. 93 (another example illustrated).
D. Deitcher, "Spiritual America: David Deutcher on Pre-teen Spirit", Artforum, October 2004. p. 89 (another example illustrated).
M. Newman, Richard Prince Untitled (Couple), London, 2006, p. 129 (another example illustrated).
Richard Prince: American Prayer, exh. cat., Paris, 2011, p. 47 (another example illustrated).
New York, Spiritual America Gallery, Spiritual America, 1983 (another example exhibited).
Valencia, IVAM Centre del Carme, Spiritual America, 1989 (another example exhibited).
Cologne, Museum Ludwig, Ars Pro Domo, May-August 1992, p. 238 (illustrated, another example exhibited).
Ludwig Forum für Internationale Kunst, Dirty Data, June-August 1992, p. 75 (illustrated, another example exhibited).
New York, Whitney Museum of American Art; Dusseldorf, Kunstverein; San Francisco, Museum of Modern Art; and Rotterdam, Museum Boymans-van Beuningen, Richard Prince, May 1992-November 1993, p. 86 (illustrated, another example exhibited).
Munich, Kunstverein and Hamburg, Kunsthaus, Someone Else with my Fingerprints, April-July 1998, p. 75 (illustrated, another example exhibited).
New York, Museum of Modern Art, Fame After Photograph, July-October 1999 (another example exhibited).
New York, Whitney Museum of American Art, The American Century-Art & Culture 1950-2000, September 1999-February 2000, p. 285, no. 466 (illustrated, another example exhibited).
Minneapolis, Walker Art Center; Paris, Centre Pompidou; Mexican City, Museo Rufino Tamayo and Miami Art Museum, Let's Entertain, February 2000-November 2001, p. 254 (illustrated, another example exhibited).
Basel, Museum für Gegenwartskunst and Kunstmuseum Wolfsburg, December 2001-July 2002, Richard Prince: Photographs, p. 115 (illustrated, another example exhibited).
New York, New Museum of Contemporary Art, East Village USA, December 2004-March 2005, pl. 113, p. 75 (illustrated, another example exhibited).
New York, Solomon R. Guggenheim Museum; Minneapolis, Walker Art Center and London, Serpentine Gallery, Richard Prince: Spiritual America, September 2007-Summer 2008, p. 46 (illustrated, another example exhibited).
New York, The Metropolitan Museum of Art, The Pictures Generation 1974-1984, April-August 2009, pl. 231 (illustrated, another example exhibited).
London, Tate Modern; Hamburger Kunsthalle and Ottawa, The National Gallery of Canada, Pop Life: Art in a Material World, October 2009-September 2010, pp. 123 and 196.