The auction house may have advanced or loaned money to a bidder in order to help that person acquire an artwork up for sale or brought in a third party (usually a private dealer or collector) to guarantee a certain price required by a consignor.
That was the conundrum facing the Whitney Museum of American Art, which in 1995 became one of the first institutions to acquire an Internet-made artwork.
Indeed, because it invites many interpretations, an artwork acquires an ideality of possible meanings which cannot be obviated by any possible realisation (RB 146).
The Smithsonian American Art Museum has acquired a collection of artwork and research materials from the artists Christo and Jeanne-Claude that document "Running Fence," one of their earliest large-scale installations.
Thus even though the art market is an unregulated space and caveat emptor has been a guiding principle for acquiring artwork, auction houses play a role in mitigating some of the risk.
Last year, I made a big effort in acquiring more artworks like Anthony Caro, a new Sol LeWitt, a major Larry Bell piece, several things that are very significant and really give a very international dimension to the foundation.
The Los Angeles County Museum of Art has conducted its own feasibility studies for the project and is still exploring the possibility of acquiring the artwork, which is estimated to cost at least $25 million to create and install.
The Museum of Modern Art has recently acquired a disparate group of artworks, adding muscle to its already world-class permanent collection.
Between the end of the nineteenth century and the first two decades of the twentieth, Bernard and Mary Berenson acquired a vast array of artworks.
Acquiring limited edition artwork as a means of collecting works by more established artists at lower price points than unique pieces is not a new phenomenon.
"When I've told this story, some people think my motivation was to make a lot of money by acquiring the valuable artwork.
