Radically change NYC auction “rules“

mellado

Maine Antique Digest, the WSJ of the antiques & collectibles field w many major numismatic ads, announces in their June issue by editor Sam Pennington, the dramatic & major auction laws for auctions in NYC, affecting StackBowers, Heritage and countless other collectibles auction houses.
In summary, auctioneers will no longer have to be licensed; lots “ passed” ( not selling) will no longer require an announcement as “passed” ; a reserve can no longer be higher than the low estimate; a “ monetarily guaranteed” lot ( like the recently sold 1933
St Gaudens ) is no longer required mention by the auctioneer; no longer is allowed “chandelier bidding” ( allegedly once practiced by certain auction houses
years ago ). In essence, MAD editor says auction houses will now “ police themselves”.

In my opinion, as a longtime auction attendee & participant back to 1958, prominent auction houses in NYC such as Sotheby’s, Christie’s and 100s of others appear to have heavily influenced the NYC City Council to overturn these
wise legalities first initiated decades ago. It will now revert to “Wild West” rules. The MAD editor also rues this abandonment of auction house legalities. NYC indeed appears to be
edging toward the Wild West with its violence,
guns so prolific , street & subway crime uncontrolled, & a “ woke” District Attny.

mellado

Correction: MAD editor is now Clay Pennington, Samuel his father passed on. It is an outstanding monthly hobby magazine taking hours to read. So much news & knowledge gained.

Realone

And why now, with prices rising would they feel its ok to lift protections, odd timing.
Thanks for alerting us.

TheCoinHound

Based on that quick summary, I like it! Boarding a flight now, but look forward to discussing later!

TheCoinHound

https://www.theartnewspaper.com/2022/05/04/new-york-city-removes-rules-governing-auction-houses-in-bid-to-stimulate-business

TheCoinHound

For starters, consider that the vast majority of auctions are now purely online events, many by smaller firms, and often with lower commission rates than the big boys. Which brings more competition and a wider range of services to the market. Regulatory barriers to entry would slow that down, at a serious cost to consumers, and to all but the largest auction firms. (Which, BTW, is why the big boys in most industries welcome licensing and regulation. They’re barriers to entry!) Also consider that even without licensing and heavy regulation, fraudulent activities remain illegal. And finally, consider how the internet has made it so much easier for bidders to research their purchases and protect their own interests. So to whatever extent the government thought it was necessary to protect the consumer in the past, it should be less today.