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.
Jeffrey H. Loria, New York, acquired from the artist, 1976
William Beadleston, New York
Sammlung Simon Spierer, Geneva
Anon. sale; Christie's, New York, 13 May 1999, lot 508
Onnasch Collection, Berlin, acquired at the above sale
Zwirner & Wirth, New York, 2005
Acquired from the above by the present owner
Property from a Private American Collection
Paris, Fondation Cartier pour l'art contemporain, Azur, May-September 1993, p. 119 (illustrated in color, year incorrectly listed).
Washington, D.C., Hirshhorn Museum and Sculpture Garden, Clyfford Still: Paintings: 1944-1960, June-September 2001, no. 30 (illustrated in color, dimensions and year incorrectly listed).
Museu d’Art Contemporani de Barcelona and Portugal, Museu de Arte Contemporânea de Serralves, A Colecção Onnasch. Aspectos da Arte Contemporânea/The Onnasch Collection. Aspects of Contemporary Art, November 2001-June 2002.