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. In most cases, Christie’s compensates the third party in exchange for accepting this risk with remuneration based on a fixed fee if the third party is the successful bidder or, if the third party is not the successful bidder, either a fixed fee or an amount calculated against the lot’s hammer price. The third party may also bid for the lot above the written bid. Where the third party is the successful bidder, Christie’s will report the final purchase price net of the fixed financing fee for taking on the guarantee risk.
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. This is a lot where Christie’s holds a direct financial guarantee interest that is backed by a third party’s irrevocable bid.
Kootz Gallery, New York
Paul Tishman, New York, 1961
Pace Gallery, New York, 1976
André Emmerich Gallery, New York, 1976
James Johnson, New Jersey
Robert Miller Gallery, New York
Acquired from the above by the present owner, 1980
The Defining Gesture: Modern Masters from the Eppler Family Collection
C. Burrows, "Hofmann Event," New York Herald Tribune, 12 March 1961, p. 19.
R. M. Coates, "The Art Galleries: The Splendid Century," The New Yorker, vol. 37, no. 6, 25 March 1961, p. 128.
I. H. Sandler, "Reviews and Previews," ARTnews, vol. 60, no. 2, April 1961, p. 10.
S. Hunter, Hans Hofmann, New York, 1963, pl. 130 (illustrated in color).
H. Rosenberg, "The Art Galleries: Hans Hofmann and the Stability of the New," The New Yorker, vol. 39, no. 57, 2 November 1963, pp. 100 and 103.
H. Rosenberg, The Anxious Object: Art Today and Its Audience, New York, 1964, p. 248.
S. M. Kootz, "The Credibility of Color: Hans Hofmann, an Area of Optimism," Arts Magazine, vol. 41, no. 4, February 1967, p. 38.
G. Kinkead, "The Spectacular Fall and Rise of Hans Hofmann," ARTnews, vol. 79, no. 6, Summer 1980, p. 96.
C. Goodman, Hans Hofmann, New York, 1986, p. 84.
R. Wollheim, "Hans Hofmann: The Final Years," Modern Painters, vol. 1, no. 2, Summer 1988, p. 16.
J. Yohe, ed., Hans Hofmann, New York, 2002, p. 206 (illustrated in color).
J. Perl, New Art City, New York, 2005, p. 6.
S. Villiger, ed., Hans Hofmann: Catalogue Raisonné of Paintings, Volume III (1952-1965), Farnham, 2014, p. 270, no. P1270 (illustrated in color).
New York, Kootz Gallery, Hans Hofmann, March 1961, n.p. (illustrated).
New York, Museum of Modern Art, Hans Hofmann, September-November 1963, pp. 44-46 and 64, pl. 4, no. 21 (illustrated in color and detail illustrated on the cover).
Cambridge, Hayden Gallery, Massachusetts Institute of Technology, The MIT Art Collection: Selections from the MIT Art Collection and Loans from Members of the Art Committee, May-September 1967, p. 25 (illustrated in color).
Washington, D.C., National Gallery of Art, American Art at Mid-century 1, October 1973-January 1974, n.p. (illustrated in color)
Washington, D.C., Hirshhorn Museum and Sculpture Garden; Houston, Museum of Fine Arts, Hans Hofmann: A Retrospective Exhibition, October 1976-April 1977, pp. 14, 18, 21, 27, 33 and 88, no. 49 (illustrated in color).
Cleveland Museum of Art, The Art of Collecting Modern Art, February-March 1986, n.p., fig. 12 (illustrated in color).
London, Tate Gallery, Hans Hofmann: Late Paintings, March-May 1988, pp. 38 and 59, no. 13 (illustrated in color).
New York, Whitney Museum of American Art, Hans Hofmann, June-September 1990, p. 120, no. 93 (illustrated in color).