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.
Galerie Beyeler, Basel and Galerie Jeanne Bucher, Paris
Louise Reinhardt Smith, New York
Pace Gallery, New York
Dr. Milton D. Ratner, Chicago
Private collection, New York
Pace Gallery, New York
Acquired from the above by the present owner
Property of a Private New York Collection
M. Loreau, Catalogue des travaux de Jean Dubuffet, Fascicule XX, L'Hourloupe I, Paris, 1966, p. 63, no. 125 (illustrated).
J. Canaday, "Art: Dubuffet's World of Hourloupe," New York Times, 8 January 1966 (illustrated).
A. Franzke, Jean Dubuffet, Basel, 1975, pp. 92 and 94, no. 69 (illustrated in color).
J. Dubuffet, Recent Work 1974-1976, exh. cat., New York, Pace Gallery, 1977, fig. 8 (illustrated).
M. Glimcher, Jean Dubuffet: Towards an Alternative Reality (1943-1974 and 1975-1984), New York, 1987, pp. 196-197 (illustrated in color).
J. Krí?, Jean Dubuffet, Prague, 1989, p. 98, no. 62 (illustrated in color).
M. Paquet, Dubuffet, Paris, 1993, p. 157, no. 217 (illustrated).
J. Delpierre, Jean Dubuffet, Paris, 2001, p. 37 (illustrated in color).
J. Lageira, Jean Dubuffet: Le Monde de l'Hourloupe, Paris, Centre Pompidou, 2001, n.p. (illustrated in color).
Venice, Palazzo Grassi, Centro Internazionale delle Arti e del Costume, L'Hourloupe di Jean Dubuffet, June-October 1964, no. 4 (illustrated).
Basel, Galerie Beyeler, Jean Dubuffet, February-April 1965, no. 58 (illustrated in color).
Zurich, Gimpel + Hanover Galerie, Jean Dubuffet, August-September 1965, no. 17.
New York, Solomon R. Guggenheim Museum and Paris, Galeries Nationales du Grand Palais, Jean Dubuffet: A Retrospective, April-December 1973, p. 151, no. 121 (illustrated).
University of Chicago, David and Alfred Smart Gallery and St. Louis, Washington University Gallery of Art, Jean Dubuffet: Forty Years of His Art, October 1984-March 1985, no. 65, pl. VI (illustrated in color).
New York, Wildenstein Gallery, Jean Dubuffet: a Retrospective, Works from 1943-1974, April-May 1987.
Paris, Centre Georges Pompidou, Jean Dubuffet- l'exposition du centenaire, September-December 2001, p. 246 (illustrated in color).