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Toward a new level of Price Transparency |
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| On the heels of a successful pilot project last fall season, Sotheby’s and artnet have signed an agreement presaging a new level of price transparency for the art market. Art buyers browsing the Sotheby’s online catalog will now be able to see “Sales histories” from artnet’s illustrated Price Database. Each lot in Sotheby’s electronic catalog will feature an artnet button linking directly to a compilation of comparable artworks with sales results from past auctions. Through artnet’s illustrated Price Database, Sotheby’s bidders become better informed about the market value of their prospective purchases. Sotheby’s catalogue browsers can also visit artnet’s 1,800 galleries, easily accessible on our toolbar.  Q: Why is Sotheby’s doing this? A: Price transparency is good for business. An informed bidder is less apprehensive. He is more confident. And, in point of fact, Sotheby’s had a very positive response from their collectors last fall. Q: But it would seem risky for them. A: Most auctioneers and dealers routinely use sales histories when presenting important works or getting consignments. In fact sales histories are now pretty much de rigueur for the industry. Q: But your “sales histories” are comprised of auction records. By only showing auction records, the implication is the auctioneers are the arbiters and the source for works of art. What are you doing for the dealers? A: Enabling the dealer community has always been a big part of our “mission statement” here . . . in point of fact, our founder, Hans Neuendorf was himself, a dealer. Over the years, we have implored dealers to “make the market” by posting prices. In point of fact, we do include dealer lots in our new Market Alert, a service where collectors and art professionals receive email alerts when art works by specific artists come to market in galleries and/or auction houses world wide. But if you and your fellow dealers don’t post prices, this new service will again favor the auctioneers . If you want to compete with auction houses, posting prices would be a first step in the right direction, wouldn’t you say? In addition, we are also adding dealer sales prices to the Price Database. This is a new initiative to help level the playing field for you. Why not call us, and let us incorporate your sales prices into the artnet illustrated Price Database? Why don’t you be the arbiter? Bill Fine: |
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| Click to view previous installments of The Art World Online Issue 1 | Issue 2 | Issue 3 | Issue 4 | Issue 5 | Issue 6 |
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©2008 artnet - The art world online. All rights reserved. artnet is a registered trademark of artnet Worldwide Corporation, New York, NY. | |
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