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.
Diego Cortez, New York
Raphael Blier, Paris
Diego Cortez, New York
Peter Brams Collection, New Jersey
Acquired from the above by the present owner, 1996
PROPERTY FROM A PRIVATE COLLECTION
J. Gasperini, "Brams Collection Proves an Important Example of Modern Art," The Exonian, 28 February 1987, p. 9 (illustrated).
M. Clark, "Lamont Gallery, Phillips Exeter Academy/Exeter Collection Peter Brams," Art New England, May 1987.
B. Blistene, et al., Jean-Michel Basquiat: Works on Paper, Paris, 1999, p. 163 (illustrated in color).
J.L. Chalumeau, Basquiat: 1960-1988, Paris, 2003, p. 19, no. 13 (illustrated in color).
R. Davis Konigsberg, "Fiction Chronicle," New York Times, 15 May 2005 (illustrated in color).
B. Okri, "On Basquiat," Modern Painters, May 2005, p. 63 (illustrated in color).
G. Mercurio, ed. The Jean-Michel Basquiat Show, exh. cat., Fondazione La Triennale di Milano, 2006, p. 152, no. 34 (illustrated in color).
Galerie Enrico Navarra, Jean-Michel Basquiat, Paris, 2010, Appendix, pp. 10 and 11 (illustrated in color).
P. Larratt-Smith, Bye Bye American Pie, exh. cat., Museo de Arte Latinoamericano de Buenos Aires, 2012, p. 18 (illustrated in color).
Clinton, Hamilton College, Fred L. Emerson Gallery and Exeter, Phillips Exeter Academy, Lamont Gallery, Collection Peter Brams: Jean-Michel Basquiat, Gilbert & George, Milan Kunc, David McDermott & Peter McGough, Philip Taaffe, Rosemarie Trockel, December 1986-March 1987, pp. 12-13 (illustrated).
Paris, Fondation Dina Vierny-Musée Maillol, Jean-Michel Basquiat, oeuvres sur papier works on paper, May-September 1997, pp. 56-57 and 184 (illustrated in color).
Osaka, Kirin Plaza, Basquiat + Haring + Scharf from the Lio Malca Collection, August-September 1998, p. 21 (illustrated in color).
Havana, Galería Haydée Santamaria, Casa de las Américas and Havana, Museo del Ron, Fundación Havana Club, 7a Bienalde La Habana: Jean-Michel Basquiat, November 2000-January 2001, pp. 92-93 (illustrated in color).
Brooklyn Museum of Art; Los Angeles, Museum of Contemporary Art and Houston, Museum of Fine Arts, Basquiat, March 2005-February 2006, p. 60 (illustrated in color).
New York, Van de Weghe Fine Art, Jean-Michel Basquiat Heads, March-May 2006.
Chadds Ford, Brandywine River Museum; San Antonio, McNay Art Museum and Rockland, Farnsworth Art Museum, Factory Work: Warhol, Wyeth, Basquiat, September 2006-August 2007, pp. 20-21 and 98, no. 55 (illustrated in color).
Santander, Fundación Marcelino Botin and Rome, Fondazione Memmo, Palazzo Ruspoli, Ahuyentando Fantasmas (Fantasmi da scacciare), July 2008-February 2009, pp. 60-61 (Santander; illustrated in color); pp. 48-49 no. 3 (Rome; illustrated in color).
Basel, Fondation Beyeler and Paris, Musée d'art moderne de la ville de Paris, Basquiat, May 2010-January 2011, p. 103, no. 85 (Basel; illustrated in color); p. 99, no. 80 (Paris; illustrated in color).