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.

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