Once the deal clears, Sotheby’s can provide cover for consignors who previously would have gone to Christie’s for hush-hush services—protected details surrounding guarantees and the complete discretion of a single-person owner, among others. And this “more flexible private environment” also means that decisions about hefty guarantees and costly talent acquisitions no longer have to be justified to shareholders, some of whom might be perturbed by big-ticket spending. – Artsy