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I press, “some of the most powerful collectors and dealers, like the Nahmads, are so casual. They apathetically raise a finger as if it just occurred to them to bid.” The Nahmad family reputedly once owned 20 percent of the world’s privately held Picassos, but they now buy huge quantities of contemporary art. Rumor has it that they never spend cash, because when they are buying in the contemporary sale, they are selling something in the impressionist sale—constantly rotating old for new stock.
    “They have been around for a long time,” says Burge, “but there is usually some sort of family conference going on as we head into the lot, so I know something is afoot. Moreover, we know what they bid on. David Nahmad loves to buy things back that he has owned before, and in some cases I will know exactly what he is planning because I will have talked to him at length before the sale.”
    We’re already on Lot 4, a painting by Marlene Dumas. Josh Baer leans over: “You notice they started the bidding above the high estimate.” One bidder has just left his paddle in the air. He’s “steamrolling,” an aggressive tactic to put others off. The bids are coming in at an incredible pace. Burge barely has time to breathe: $550,000, $600,000, $650,000, $700,000—“several of you”—$750,000, $800,000, $850,000. “What’s that? Eight hundred eighty thousand.” Someone has offered a split bid. He or she is trying to slow down the sale by cutting the bidding into smaller increments. “Nine hundred thousand dollars in the room. Against you all on this side.” Auctioneers don’t like to accept cut bids, because the sale can lose momentum. However, at the moment, the bidding is three times over the high estimate and well over the artist’s record price, so Burge decides to be gracious.
    When the bidding hits $980,000, there is a long pause. Large amounts of money command hushed respect, and unexpected amounts create a stunned stillness. Everyone wonders, will the painting get over the psychological hurdle of the million mark?
    That would make Marlene Dumas one of three living women artists to trade for over $1 million—the other two are Louise Bourgeois and Agnes Martin. * Is Dumas going to join them? One of Christie’s spotters signals to Burge that there is a new bidder, standing at the very back of the room. “One million dollars,” Burge says with subtle triumph.
    “Where’d that bid come from?” whispers Baer insistently. The press pack wants to know, and even collectors turn around in their seats to catch a glimpse of the mysterious bidder who has entered the fray at the eleventh hour. Some people like to come into the bidding late because it suggests that there is no limit to how high they can go. Auctions are full of ego and posturing. It’s important to bid with style.
    “One million dollars,” repeats Burge with a faint trace of amusement. “One million fifty…one million one.” It’s back to the late entrant hidden from view at the back. “One million, one hundred thousand dollars. Fair warning now. Not yours. Last chance. One million one. Selling to you at the back.” Bang. The volume of chat surges with the hammer. “Paddle four-oh-four. Thank you,” says Burge. I hear laughing. A couple of people shake their heads in disbelief. A voice deep from within the press pit exclaims, “One point one! Will anyone know who she is in twenty years?” Other people exchange affirmative nods as if to say, “Yes, we’re backing the right horse.” The reporters are having a mini-conference about who could have bought the Dumas. There are clear differences in how high people are willing to bid, depending on whether they are “crazy committed collectors” or dealers buying for long-term inventory. Everyone assumes that only a crazy collector would have paid that price. But who?
    From her position among the rows of Christie’s people, Amy Cappellazzo gives a knowing wink to someone in the audience.