this post was submitted on 17 Aug 2023
1034 points (98.3% liked)
Leopards Ate My Face
2903 readers
1 users here now
Rules:
- Don't be a dick
- Don't be a bigot
- On-topic only
- English only
- Mods' words are final
Rules subject to change, have a pleasant flight
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
That's the whole point of legitimate auction houses like Sothby's. They pay experts to provide some legitimacy and sanity. It's one thing for me to say that a kids finger painting is worth 50k, it's a different thing for a trained art appraiser at an auction house to set that price.
Sotheby sets the initial prices and provides estimates of value. They were supposed to be the responsible adult in the room. Now if they values them at say $1000 and they sold for 100,000k that's on the buyer. If the value was set for 80k and it sold for 90k that's a different story.