Wednesday, May 12, 2010

Bidder non grata

Internet entrepreneur Halsey Minor plans to auction off his art collection at Phillips de Pury & Co. in New York next week for at least $21 million, but he does not plan to head to any of the larger auction houses such as Christie's and Sotheby's to make new purchases as he is 'bidder non grata' at these two auction houses.

The term 'no bid' is is used to describe collectors or dealers who, for financial or legal reasons aren't allowed to register to bid at auction. Mr. Minor is bidder non grata at Sotheby's and Christie's because, auction executives at those houses say, he refused to pay his art-buying bills at Sotheby's and backed out of a deal to sell other pieces at Christie's.

The Wall Street Journal

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