//
you're reading...
Auction Action, General News, Uncategorized

new Consumer Contract Regulations threaten the art market in UK

Under the British EU laws, purchases made via the internet or outside the seller’s business grounds permit buyers to return goods within a 14-day window due to the inability to personally inspect the goods before the sale. This law excluded the returns of purchases made at auction as it may encourage irresponsible bidding leaving the auction house to cover unforeseen costs and damages to the market.

According to an article posted by The Art Newspaper, new Consumer Contract Regulations will require auction houses to offer the same 14-day return policy; unless the auction has a public viewing of the works, in which a buyer can inspect the object prior to bidding.

Since the art and antique market is very fragile when it comes to buying and selling at auction, this law may generate several issues.  One of which being, sales results of auctions are made public, if a lot goes unsold or now, returned from the sale, it comes across to the public as the work is “no good” creating a difficult market for the work in the future.

See original article 

About Alyssa T. Rehs

Alyssa Rehs is a fourth generation Art Dealer at her family owned art galleries, Rehs Galleries, Inc. and Rehs Contemporary Galleries, Inc., New York City, New York. She received an Art History degree from the University of Rhode Island in 2012 as well as interned at Christie’s Auction House, New York City. Using her art historian degree, gallery experience, and a summer spent working at the auction house, she has a well rounded understanding of the art market. Alyssa appreciates the market from multiple standpoints; art lover, art buyer and art seller!

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: