pain is the staff of life

Solomon’s deal

Posted in Uncategorized by ruthanzo on June 14, 2015

6hfhgjdjdfjfdjf-230x180I’m weighing in here on the Solomon/Bailey kerfuffle and not whether ES was in his rights to behave as a go-between using contacts he’d made as a high-profile CBC host.

If Bailey had sent his Doig to auction he would have paid approximately 1/2 of the proceeds of the sale to the auction house as a commission. Also, when a sale takes place at a ‘reputable’ (are there any?) auction house like Sotheby’s or Christie’s it’s recorded and some of the proceeds may now go to the artist if he or she is still alive or to the artist’s family, as a kind of royalty. But I’m not sure what that deal is.

In the mid-2000s some people I know sent a Dutch seaside scene by a collectable Dutch artist to Christie’s on the European continent where it would fetch a better price than here in Canada. The painting sold in the 30+ thousands but after the commissions and maybe taxes the owners only collected 16,000.

So, what I’m saying is that Bailey had a good deal with Solomon who was only taking 10%, which was kind of a finder’s fee. The painting might have gotten a lot more at auction than Balsillie’s 11+ mil but Bailey might not have cleared as much as with Solomon’s deal. Bailey was wise to go with ‘Anka’ the sweet-singing bird in the bush but stupid not to pay Solomon his 1 mil fee and bringing the whole affair to the public’s attention, not to mention RevCan’s and the RCMP’s.