[abxyz]

Thank you for taking the time to visit here and share insight. Yes, that explains it. The missing pieces for me were 1) no knowledge of "chandelier bids" (I thought bids were bids) 2) the article says "without a minimum price guarantee" which I read to be describing the absence of a reserve. With knowledge of chandelier bids, and an understanding that there was a reserve, it all makes sense :)

[ToddLevin]

No worries, always glad to be of service if I can! I've worked in the art world (I have a private art advisory) for about 45 years now, and worked at Sotheby's for five years in the 1990s as well, so I know this territory extraordinarily up-close-and-personal from the inside out... :-)