Even wacky art collectors are demanding full disclosure

[kingjammy24]

interesting little read:

"The Sotheby's art auction house has repeatedly inflated prices by failing to make full disclosures when it has an ownership stake in some of the works it sells, according to a federal suit brought Wednesday"

http://latimesblogs.latimes.com/culturemonster/2008/10/purists-might-s.html

rudy.

[allstarsplus]

Re: Even wacky art collectors are demanding full disclosure

Not only the auction houses have an ownership stake, but that should include employees of the auction houses and anything that would be construed to not be an arms-length transaction such as an authenticator, relative, etc.

This has probably been going on behind the scenes forever in the auction business just like the stories of shills sitting in the audience bidding up items at the old fashioned "Live Auctions".

With full disclosure, bid accordingly.

Perception = One's own reality

[David]

Re: Even wacky art collectors are demanding full disclosure

Several years ago, the owner of either Christies or Sotheby's admitted to bidding and winning items-- granted he was a collector and the items were for his personal collection. Though it wasn't necessarily against the rules, many bidders were vociferously against this practice.