They left out works put up for auction that failed to fetch their reserve price the auctioneer's lowest acceptable bid for the work.

ECONOMIST: The art market

Too many auction lots change hands under low reserve price points.

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Since July this year, Art Auction Guarantee, a company founded in 2011, have offered buyers of art at auction a guarantee that, for a percentage of the acquisition price (5% to 7.5%), they will get back what they paid for the piece if it is resold at auction after two years or more and fails to make the reserve price.

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It was the second time the site was up for auction after United Utilities tried to sell it last year but the reserve price was not met.

BBC: Clayton-le-Moors reservoir

The borough said it would now consult with the Museums Association and Arts Council England on whether an auction was the best way forward, subject to the statue reaching its reserve price.

BBC: Statue of Sekhemka