Oct
17
Auction Houses Told to Improve Transparency in Reporting Prices
By-
New York’s Department of Consumer Affairs clarifies the law
-
Firms must disclose prices net of fees if guarantor is buyer
Auction houses, whose public sales are often obscured by undisclosed fees, have to report the prices of the artworks they sell in New York with more transparency.
The city’s Department of Consumer Affairs, in a recent clarification to its law on auctioneers, outlined how companies should disclose prices for works that were guaranteed by third parties. The fees paid to the guarantors who end up buying the art must be subtracted from the total price reported to the public…
Auction Houses Told to Improve Transparency in Reporting Prices
