Where Christie’s has provided a Minimum Price Guar…
BANKSY (B. 1974)
Lenin in Sight
BANKSY (B. 1974) Lenin in Sight
spray paint on board
59 x 60 cm. (23 1/4 x 23 5/8 in.)
Executed in 2004
Artificial Gallery, London, UK
Private Collection, Asia (Acquired directly from the above by the present owner)
This work is accompanied by a Certificate of Authenticity from Pest Control.
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 who agrees prior to the auction to place an irrevocable written bid on the lot. If there are no other higher bids, the third party commits to buy the lot at the level of their irrevocable written bid. In doing so, the third party takes on all or part of the risk of the lot not being sold. Christie's compensates the third party in exchange for accepting this risk provided that the third party is not the successful bidder. The remuneration to the third party may either be based on a fixed fee or an amount calculated against the final hammer price. The third party may also bid for the lot above the irrevocable written bid. Where the third party is the successful bidder, the third party is required to pay the hammer price and the buyer's premium in full.