The real reason Sotheby's $30 million CryptoPunks sale flopped, and more art world gossip from anniesalright:
! But the whole thing got Wet Paint thinking: is that really what happened? Lots get pulled ahead of auctions all the time, but in most cases, it’s not the consignor’s decision. If auction house specialists know a work is about to flop, or that they can’t drum up enough interest to get a crowd hungry, they’ll often tell the collector or advisor to cancel the sale and try again next time.
In those rare cases when the collector decides to pull a work before it’s sold, they’re hit with a fee written into the consignment agreement—and it’s no chump change. Some even get chargedof a work’s low estimate. Would 0x650d be able to pony up $5 million because they suddenly didn’t feel like selling their Punks? It’s hard to imagine, especially since the lot was guaranteed neither by the auction house nor a third party, according to the sales catalogue.
That’s just what Wet Paint was up to when I noticed that, over the course of just a few short days, two prominent artists had vanished from
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