Selling and Consigning Artwork in The Era of COVID-19

[...]curatorial events occurred virtually on video platforms like Zoom rather than in packed galleries. [...]rather than having to obtain pre-auction approval for extended payment terms for reputable buyers, under the new standard terms, consignors may now automatically grant the auction house the d...

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Bibliographic Details
Published inWealth Management
Main Author Cohen, Sherri
Format Trade Publication Article
LanguageEnglish
Published New York Informa 24.03.2021
Subjects
Agreements
Auctions
Authenticity
Authorship
Consumer protection
Consumers
Coronaviruses
COVID-19
Online sales
Pandemics
Purchasing
Social networks
Terms of sale
United States > US
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Summary:[...]curatorial events occurred virtually on video platforms like Zoom rather than in packed galleries. [...]rather than having to obtain pre-auction approval for extended payment terms for reputable buyers, under the new standard terms, consignors may now automatically grant the auction house the discretion to grant pre-approved buyers extended payment terms up to 90 days. The terms of sale also generally provide that the artwork is being sold in “AS IS” condition.1 Consumers residing in the European Union can benefit from consumer protection laws, which generally permit consumers purchasing through online sales to cancel a sale of an artwork sold by a non-consumer within the 14-day statutory period by providing notice of cancellation for any reason and receive a refund of the purchase price.2 When a collector isn’t protected by a statutory right of cancellation, the collector can try to negotiate contractual protections in private sales to safeguard against the risk of purchasing a work in poor condition.
ISSN:2469-6269
2469-6250