Christie’s Auction House: The 3 D’s, the Illusion of Bidding, Antiques vs. Living Artists, Post War Contemporary Artwork, the Concept of Outliers, and the Value of Artwork as an Investment

The auction house Christie’s used to acquire their items by what they refer to as the “three D’s” which stands for “death, divorce, and debt”. Christie’s generates 64,000,000,000 ($64 billion) each year. Creating the illusion of a bid in the room by an auctioneer to ensure a reserve price is met is perfectly legal and is often done so that Christie’s turns a profit because they are solely commission based and without a sale, Christie’s actually loses money when factoring in storage, transport, a...

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