Wednesday, May 18, 2011

«I LIKE MONEY ON THE WALL»

Witness the epic 16-minute battle at Christie's over this season's top lot, Andy Warhol's first self-portrait, which sold for $38 million. Common auction practice is to use set bidding increments at every price level. Above the $20 million mark, the action usually moves in steps of half-a-million or more. During the Warhol sale, however, both bidders were making offers as small as $250,000 or $100,000—and auctioneer Christopher Burge was taking them. The winning bidder even tried at one point to get a miniscule $50,000 bump accepted. Visibly losing his patience, Burge refused.

-New York Obsever

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