Word: viewing
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Dates: during 1980-1989
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...beauty of the loan system, from the point of view of the auctioneer, is twofold. It inflates prices whether the borrower wins the painting or not: like a gambler with chips on house credit, he will bid it up. Prefinancing by the auction house artificially creates a floor, whereas a dealer who states a price sets a ceiling. And then, if the borrower defaults, the lender gets back the painting, writes off the unpaid part of the loan against tax, and can resell the work at its new inflated price...
...propriety of Sotheby's practices, Ainslie says, "Our procedures follow every regulation required of us. We proudly market our financial services. There is a suggestion that financing is immoral or wrong. That is an elitist view that we frankly find ridiculous...
This indicates a radically transformed market structure. In art as in other markets at the end of Reagan's economic follies, America sinks and Japan rises. In this context it is fatuous to utter bromides about art's being the Common Property of Mankind. Americans now begin to view the outflow of their own art with bemused alarm -- just as Italians and Englishmen, at the turn of the century, watched the Titians, Sassettas and Turners, pried loose from palazzo and stately home by the teamwork of Bernard Berenson and Joseph Duveen, disappearing into American museums. "The Japanese are awash...
...museum, the Getty in Malibu, Calif., with its $3.5 billion endowment and almost limitless spending power, seems unaffected by the rise in price. In May it was able to buy Pontormo's Portrait of a Halberdier at Christie's for $35 million and last week Manet's acridly ironic view of a flag-bedecked Paris street with a war cripple hobbling along it for $26.4 million...
Soon after the paintings went on display in Perth, curious anomalies arose. Sotheby's suggested to the Art Gallery that Irises might remain on view there for some weeks after the exhibition ended. The trustees of the museum wanted to be sure they would not be held liable for possible damage to Irises; there had already been demonstrations outside, protesting Bond's investments in Chile. The trustees called in government lawyers to check on the insurance of the Van Gogh...