On occasion, Christie’s has a direct financial interest in lots consigned for sale, which may include guaranteeing a minimum price or making an advance to the consignor that is secured solely by consigned property. Christie’s may choose to assume this financial risk on its own or may contract with a third party for such third party to assume all or part of this financial risk. When a third party agrees to finance all or part of Christie’s interest in a lot, it takes on all or part of the risk of the lot not being sold, and will be remunerated in exchange for accepting this risk out of Christie’s revenues from the sale, whether or not the third party is a successful bidder. The third party may bid for the lot and may or may not have knowledge of the reserves. Where it does so, and is the successful bidder, the remuneration may be netted against the final purchase price. If the lot is not sold, the third party may incur a loss.
Christie’s guarantee of a minimum price for this lot has been fully financed through third parties