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Event begins at a "dream price" and moves down until the winning bid is made
Nine Two Eight Gallery is staging an unusual art sale in Makati on Sept. 20, one that flips the familiar auction format on its head.
Called “Grace in Reduction: A Reverse Auction,” the sale begins at what gallerist Jeffrey G. Dimalanta calls a “dream price,” the highest figure set by the consignor. “If no one takes it, the price goes down gradually in set increments,” he says. When the reserve is reached, “we announce that it has reached the reserve price and then we hold a final round of bidding.” At that point, the first paddle raised secures the work.
A new approach to selling art
The reverse auction is the latest step in Jeffrey’s shift toward what he describes as transparency and fairness. He first introduced the Art Without Markup concept in June. What was meant as a pilot has since become the gallery’s model.
“I launched this at the tail end of June, and to my surprise, it did pretty well,” he says. “What I thought would just be a trial run has now become the new business model of Nine Two Eight Gallery. Instead of treating it like a one-time idea, we’ve built the gallery around it, putting transparency and fairness at the center of how we operate.”
Mechanics and innovations
Unlike traditional auctions, all reserve prices will be disclosed in advance, both in the catalog and at the live event. “Since this is a reverse auction, the first paddle raised wins; there’s no bidding war,” Jeffrey explains. In the event of a tie, a new round is held to determine the winner. “Please stay tuned, because the mechanics of this tie-breaker will be something new and exciting to watch.”
A finely crafted 18th-century elm wood love seat 88 x 106 x 49 cm (34.6 x 41.7 x 19.2 in)
Salvador Cabrera
Emmanuel Garibay
Range of works
More than 150 lots will be offered, from established names to contemporary artists. “The collection is wide-ranging, spanning old masters whose works carry history and legacy, and upcoming and contemporary artists who bring fresh perspectives and new energy,” Jeffrey says. “That mix is what makes this auction compelling, it allows seasoned collectors and first-time buyers alike to find pieces that resonate with them.”
Lessons from earlier sales
This will be Jeffrey’s fifth auction. He credits the previous four with shaping his ideas and giving him confidence in the reverse format.
“I’m thankful for having held four live auctions and for the lessons, experience, and the fellowship that came with them,” he says. “What stands out to me now is that this reverse auction format feels like the approach that can truly be embraced by all. Consignors and bidders will soon see that they can trust it, reserve prices are declared openly, there are no bidding wars, and it’s first-come, first-served.”
Ronald Ventura
An elegant pair of late-18th century Huang Huali accent chairs with cane-woven seats; 100 x 64.5 x 48.5 cm (39.3 x 25.3 x 19 in) each.
A century-old Persian Kerman carpet 142.2 x 223.5 cm (56 x 88 in)
Absentee bids are also prioritized by time stamp, which prevents the live floor from overpowering them. “My hope is that the audience comes to appreciate this new way of acquiring artworks,” Jeffrey adds. “It’s transparent, pure, and honest, and I believe that’s exactly what makes it sustainable, moving forward.”
The preview for “Grace in Reduction: A Reverse Auction” runs until today, Sept. 19, ahead of the main sale on Sept. 20 at 2 p.m. at Bel Air II, LRI Design Plaza, 210 Nicanor Garcia, Makati.
