Sotheby's strikes deals with bidders as art market slows

New York

SOTHEBY'S was in a bind. The auction house had won several top consignments for its bellwether spring auction, including a Jean-Michel Basquiat that sold for US$7.4 million four years ago, by guaranteeing the sellers minimum prices.

But as volatile financial markets sent jitters through the art world, Sotheby's faced the prospect of owning the work if it failed to sell.