ART MARKET WATCH
Feb. 23, 2007CHRISTIE’S GOES FOR GALLERY GOLD
More than a decade ago, Sotheby’s New York
made some aggressive moves into the "primary market," buying the gallery of Color Field pioneer Andre Emmerich
and teaming up with SoHo dealer Jeffrey Deitch
to organize shows in the venerable Emmerich space in the Fuller Building
at 41 West 57th Street. The logic seemed impeccable at the time. As Deitch explained, for every winning bidder for a high-priced lot at auction, there was an underbidder willing to pay almost as much. All an auction house needed was a sharp-eyed dealer who could make something happen with that frustrated shopper, thus doubling sales volume, or almost.