Art auction house liquidating new state york slow updating on l4d

05-Feb-2016 06:47

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Appraisers serve the public by providing fair, objective and disinterested information based on the facts of valuation methodology.Auction house consignment agreements generally contain warranties by the consignor about the consigned work of art.However, even if there is no written consignment agreement with an art merchant—whether auction house or art dealer—certain warranties are implied as a matter of law under the Uniform Commercial Code (UCC), which governs the sale of goods such as art, and the New York Arts and Cultural Affairs Law. This essay goes behind that simplicity to raise issues for art owners, which are not fully addressed (or only imperfectly so) by the text of the usual agreement. ● ● ● Consignments of art present special challenges for non-experts, especially when they are not accustomed to dealing with auction houses or art dealers.

Rescission by the auction house (undoing the sale long after the auction) is one of these issues. This is often the situation when someone inherits art or serves as executor of the estate, and may not be familiar with the artworks entrusted to their control or with the business of buying and selling art.

An heir or executor may have to liquidate assets reasonably quickly to meet the cash needs of an estate, and therefore may wish to enter into a consignment arrangement with a dealer or an auction house for the entire collection, to sell the art as the estate’s agent.