Post by sleepboy on Jan 28, 2009 20:44:50 GMT -8
In 1995 Sotheby's famously accepted a $2.47 million credit card payment from Eli Broad for the purchase of Roy Lichtenstein's painting I ... I'm Sorry. As of this month, however, the auction house will no longer be accepting credit cards — only checks, wire transfers, and cash, New York magazine reports.
A Sotheby's spokesperson explained the change, saying that putting auction items on cards "was not widely utilized." He also confirmed that the Sotheby's-branded MasterCard has been discontinued. Christie's, on the other hand, began accepting credit cards last fall for sales up to $100,000.
Hm.... People must be defaulting like crazy or cancelling their purchases. I heard some of those Hirst buyers backed out but don't know if it was on a credit card.