Daniel Grant, writing for Gallerist, published an interesting article a few days ago about auction houses, reserves, and transparency (see “How Low Can You Go?: Should Auction Reserve Prices Be More Transparent?”). In his feature, he talks about how in nearly all cases, auction houses do not openly disclose the reserve (the lowest amount for which an item will sell at auction), and provides a variety of differing perspectives on how this practice impacts their respective markets and its participants. Of the auction houses specifically discussed in the article, only one – Heritage Auction – makes it known to the public what the reserve price is for every item that they offer for sale. [Read more…]
New York Times Article Highlights Issues of Auction Oversight & Transparency; Discusses Use of Chandelier and Sham Bids in Art Market
This week The New York Times published an interesting article (“As Art Values Rise, So Do Concerns About Market’s Oversight”) about customs in the high end art market auction world that are not favorable to consumers. Though the article is specific to the art market and New York (and their own laws, rules, and regulations), some of the issues are very much the same ones we face in the original film and television artifacts market, and is “must” reading for anyone involved in buying and selling original TV and movie props, costumes and other production material sold in the marketplace. [Read more…]
Update on New York State Assembly Bill A01730/S4313B: Seeks More Transparency For Auction Houses
This article serves as an update to a feature published one year ago (see Latest Version of New York State Assembly Bill A01730: Seeks Prohibition of Auction House “Sham” Bids Without Disclosure). [Read more…]
Latest Version of New York State Assembly Bill A01730: Seeks Prohibition of Auction House “Sham” Bids Without Disclosure
An article published in 2007 (see Auction House Buying Considerations, Part II: Chandelier Bid (“Sham Bidding”) Legislation) discussed proposed legislation related to “sham” or “chandelier” bids, described by a New York legislator as “chicanery perpetrated by auction houses,” with auction house Sotheby’s opposed to the legislation. [Read more…]