Sotheby’s brought to you by Bulgari—product placement at auction has arrived, with limitless potential

Yesterday’s auction saw auctioneer plugging the brand while wearing one of its watches. What might we see next—Edvard Munch sponsored by Bollinger?

Surely the most remarkable aspect of Sotheby’s successful Old Master sale in New York yesterday was not the respectable $92m (with fees) they managed to realize for a Botticelli sold for only $1.3m in 1982, but the triumph of marketing that the event represented.

The auction itself was billed as the highlight of a week of sales of classic art presented in partnership with the jewelry brand Bulgari. Product placing went into overdrive. Auctioneer Oliver Barker told the audience he was wearing a watch by Bulgari. Specialists in the Old Master department were similarly adorned with assorted earrings, necklaces and brooches by the same jeweler.

This may be only the beginning. It’s not difficult to imagine the further sponsorship opportunities a major auction could now open up. Each lot heralded by appropriate music selected in co-operation with the Metropolitan Opera House? Elite fashion houses vying with each other to dress the Sotheby’s personnel most prominent as phone bidders? Sheepish Old Master specialists forced to go about their business wearing identical branded sneakers? What other products could auction house employees be corralled into advertising in the context of a major sale, live-streamed into so many rich people’s homes? Handbags, certainly. High-end cosmetics. Champagne. Abdominal supports. Cosmetic surgery.

And what about getting each individual lot sponsored by an eager purveyor of luxury goods? Lot 17, the Cimabue by courtesy of NetJets. Lot 22, the Edvard Munch sponsored by Bollinger. Lot 31, the Ralph Lauren Jean-Michel Basquiat.

It’s perhaps appropriate that the luxury item that Bulgari allocated to Oliver Barker was a wristwatch. A timepiece is essential for an auctioneer these days if only to mark the longueurs of sales conducted online. One of the casualties of the Covid art market is the chemistry of a room full of excited bidders generated by a traditional sale in a real place in real-time. The new format of live sales pioneered online by the major auction houses is clever and effective. But it limits the bidder’s experience, which largely comprises staring at a screen showing assorted auction house employees relaying bids to the auctioneer. The only way to enliven the process is by focusing on those auction house personnel. What are they wearing? Who has done their hair? What brand of luxury vodka are they surreptitiously sipping out of their water glasses?

Soon financial results for any major sale as reported by Sotheby’s and Christie’s may not just comprise totals sold and world record prices achieved. Figures might also be included to reveal earnings on sale-associated sponsorship deals. Perhaps—although auction houses may be less keen to publicize this—sponsorship will come to generate more revenue than sales commission, particularly when both buyer’s and seller’s fees are often waived on the highest value lots.

Product placement has arrived, and the potential is limitless.

 

 

Source:https://www.theartnewspaper.com/

 

 

Related Articles

Picasso Auction at MGM Casino Brings in More Than $100 M.

Against the backdrop of a buzzing Las Vegas, 11 works by Pablo...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Same Category

Picasso Auction at MGM Casino Brings in More Than $100 M.

Against the backdrop of a buzzing Las Vegas, 11...

The Best Booths at Paris’s 2021 FIAC Fair, From Ice Sculptures to a Ceramic Bank Vault

On Wednesday, FIAC (Foire International d’Art Contemporain) opened its...

Collector to Watch: Emilie Pastor Is Looking to Build a Legacy

Philanthropist Emilie Pastor talks about art collecting not as a hobby...

Stay in touch!

Follow our Instagram