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.
Tony Shafrazi Gallery, New York
Akira Ikeda Gallery, Tokyo
Galerie Enrico Navarra, Paris
Anon. sale; Phillips, de Pury & Luxembourg, New York, 13 May 2005, lot 37
Private collection, Houston
Anon. sale; Christie's, Paris, 8 December 2010, lot 12
Tony Shafrazi Gallery, New York
Acquired from the above by the present owner
R. Marshall and J. L. Prat, Jean-Michel Basquiat, Paris, Galerie Enrico Navarra, 1996, v. 1, pp. 86-87 (illustrated in color); v. 2, pp. 110-111 (illustrated in color).
T. Shafrazi et al., Jean-Michel Basquiat, New York, 1999, p. 143 (illustrated in color).
E. Navarra, Jean-Michel Basquiat, Paris and New York, 2000, vol. I, pp. 102-103 (illustrated in color); vol. II, pp. 102-103, no. 2 (illustrated in color).
T. Davis, Jean-Michel Basquiat: The Radiant Child, 2010, DVD video.
New York, Tony Shafrazi Gallery, Champions, January-February 1983, pp. 21 and 70 (illustrated).
Tokyo, Akira Ikeda Gallery, Jean-Michel Basquiat, November-December 1983, no. 6 (illustrated).
Paris, Galerie Enrico Navarra, Jean-Michel Basquiat, April-June 1996.
New York, Tony Shafrazi Gallery, Jean-Michel Basquiat: A Tribute, Important Paintings, Drawings & Objects, September-November 1996.
Taichung, Kaohsiung Museum of Fine Arts, Jean-Michel Basquiat, January-June 1997, p. 45 (illustrated in color).
Seoul, Gallery Hyundai, Jean-Michel Basquiat, July-August 1997, p. 41 (illustrated).
Vancouver, Art Beatus, Jean-Michel Basquiat, September-October 1997, p. 29 (illustrated).
Tokyo, Mitsukoshi Museum and Marugame, M.I.M.O.C.A., Jean-Michel Basquiat, October 1997-May 1998, pp. 42-43 and 100 (illustrated in color).
São Paulo, Pinacoteca, Jean-Michel Basquiat: Pinturas, June-September 1998, p. 46 (illustrated).
Venice, Fondazione Bevilacqua La Masa, Basquiat a Venezia, June-October 1999, p. 75 (illustrated in color).
Naples, Il Museo Civico di Castel Nuovo, Basquiat a Napoli, December 1999-March 2000, p. 55 (illustrated in color).
Fondazione La Triennale di Milano, The Jean-Michel Basquiat Show, September 2006-January 2007, pp. 236-237, no. 105 (illustrated in color).