“THIS month saw the launch in New York of a new kind of contemporary-art auction, one in which a single major player in the art market is invited to create “the sale of his dreams”. Set up by Phillips de Pury & Company and held in the firm’s new premises on the corner of Park Avenue and East 57th Street, the auction was promoted as a “game changer”. Phillips hoped it would help boost its flagging sales. Some described it as sub-contracting; others called it curating. The auction house named the sale “Carte Blanche”, a title that, among other things, is a reminder of the art market’s lack of regulation.”

http://www.economist.com/node/17551930.