In November 2008, when the financial markets and the art markets collapsed, Christie’s tried to sell “Attendant 5,’’ this Brice Marden painting from 1996-1999. But there were no takers willing to pay anywhere near its then $10 million to $15 million estimate. The trouble was, the auction house had given the seller a guarantee – an undisclosed sum promised to the consignor regardless of the outcome of the sale – and when nobody wanted it, the painting ended up belonging to Christie’s.
The auction house is trying its luck again, on May 8th, but this time with lower expectations. It is estimated to fetch $7 million to $10 million.
