By Catriona G and Alexia S

We recently had the opportunity to attend a talk by Lord Poltimore and Alina Davey at Harrow School, titled: ‘Behind the Scenes of the Art Market’.

We participated in a mock auction in which Lord Poltimore explained the technical process that an auctioneer has to undergo, such as reaching a minimum sale price, even if the auction company has to pay for it. He also discussed the changes in auctions that technology has brought about, such as the increased difficulty in getting the audience excited to bid, when half the bidders are online. Lord Poltimore reflected on his experiences in the Middle East; how quickly the art market changes as well as the growing global importance of the market for luxury goods such as bags and shoes.