Going, going, gone: how Sotheby’s and Christie’s still lose out on big sales
Despite increasing prices of art, big profits do not always trickle down to auction houses – thanks to generous guarantees to ultra-rich sellers
William Ruprecht
Sotheby’s and the $14bn hedge fund hawk struggle for control of art market
New York collector Dan Loeb’s bid to unseat auction house head highlights a new mood in the business