Just for clarity - this was not an "enhanced hammer" deal. It was a simple fact that the consigner set their reserve at $70 million, and the consigner would not lower their reserve, even knowing the risk that the work would publicly fail at that level. An enhanced hammer deal is an entirely different situation, and it applies to third-party guarantees and/or irrevocable bids (know as IBs) – and neither apply in the specific situation...
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