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If auctioning any of the museum's holdings is out of the question, adding to them is not, Ms. Bramham said.
A shrewd businessman, he regularly raised his prices -- as if auctioning the paintings to competing clients -- and got what he asked.
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If auctions attract too many people, participants may lose heart because there are too few winners.
"If auctions became hot, he would demand that auctions be front and center.
"If auction estimates are set at retail price, you will not achieve a good result," Mr. Patrizzi said.
There were penalty rates to be imposed if auctions failed, which were supposed to assure that borrowers, if they remained creditworthy, would refinance the debt.
If auction revenues are instead dedicated only to low-income households, the majority of low-income households can be fully compensated even with the state government retaining upwards of 90% of auction revenues for other purposes.
Over the next year or so we will discover if Auction AfterSale was one of the fitter ideas in the Darwinian online art market.
One, the art market could collapse under its own weight — if auction estimates become too inflated, for example, and a high percentage of works are unsold, and the market gets spooked.
It would be a pity if auction house managers ignored the warning not to overplay their cards that the failure of the Munch and of a few other works, adding up to almost 20 percent of the lots, amounts to.
But clearly, after the extraordinary price for that Leonardo, if auction houses can find exceptional works by famous names, the best old masters look set to reach new heights.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com