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…]
New York Daily News Coverage Updates Ongoing FBI Sports Memorabilia Fraud Investigation
New York Daily News sports writer Michael O’Keefe has been publishing an ongoing series of articles about an FBI investigation into the sports memorabilia industry (see Mastro Auctions Closes In Midst Of FBI Investigation Into Shill Bidding & Fraud Allegations). Two updates have been published this week by the Daily News. [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…]
Anthony Shkutnick’s *stoneark* eBay Account NARU (Not A Registered User) Suspended Status
Today, Anthony Shkutnick’s *stoneark* eBay account (AKA stonark, AKA Corner Collectibles, AKA Cornner Collectibles) was changed to a suspended or “NARU” status (Not A Registered User – or – No Longer A Registered User). This dealer has been the focus of an ongoing investigation into the provenance of items offered for sale to the public that were “guaranteed authentic” wardrobe and other personal items attributed to various classic Hollywood stars and other celebrities. [Read more…]
Charge of “FRAUD” Over Letter of Authenticity From eBay’s *stoneark*
Today, professional wrestler Lanny Poffo has declared that a Letter of Authenticity bearing his (misspelled) name and signature, included as proof of authenticity in a recent *stoneark* auction, is fraudulent.
eBay’s *stoneark*: “Buyer/Bidder Network” Analysis – Part 2
An article published earlier this week (see eBay’s *stoneark*: “Buyer/Bidder Network” Analysis, Part 1) included analysis of a select set of eBay accounts and their bidding activities with eBay seller *stoneark* (AKA stonark, AKA Corner Collectibles, AKA Cornner Collectibles). Anthony Shkutnick, partnered with eBay, offers for public sale “guaranteed authentic” wardrobe attributed to various classic Hollywood stars.