Loose lips sink art sales... well, that won't ever appear on a poster, but the art trade seems convinced that secrecy is a vital component of making deals. Take the auction houses, for instance, which keep a lot of secrets. There is a "reserve" price -- the unstated amount below which the consignor will not sell the lot --for many of the more expensive objects in a sale, and phantom (or "chandelier") bids that the auctioneer announces and records in order to get the bidding up to that reserve. The auction house may have advanced or loaned money to a bidder in order to help that person acquire an artwork up for sale or brought in a third party (usually a private dealer or collector) to guarantee a certain price required by a consignor. That's all hush-hush: None of the other bidders in the room (or online or on the telephone) will be told anything about what they are up against. And, of course, the auction houses hardly ever reveal the identities of buyers.
Frustrated by the lack of openness? Commercial art galleries aren't much better, as they rarely list the prices of artworks on display (one may ask for a price list, which at most high-end galleries is rarely available), and it is not clear that the art is even for sale. Particular pieces may be "on hold" for important private collectors or museums that will get back to the dealer eventually if they have the money and interest. Having ready money and interest doesn't get anyone the art he or she wants, although if one buys enough other things to prove a commitment to that gallery the collector may earn a place on a waiting list for the work of such-and-such artist (and who is on that waiting list is also privileged information). The rest of us just walk out of the gallery wondering, What was the purpose of that exhibition?
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