SELLING OR BUYING AT AUCTION?

I DISCUSSED IN SOME DETAIL WHAT YOU DO WHEN BUYING AT AUCTION!

BUYING AS WELL AS SELLING AT AUCTION NEEDS SOME BASIC KNOWLEDGE, IF YOU ARE TO GET THE BEST OUT OF YOUR EFFORTS BE THAT SELLING OR BUYING. TODAY, I WILL DISCUSS THE ISSUE OF SELLING AND BUYING AT THE SAME TIME IN ORDER TO POINT OUT THAT BOTH ARE IMPORTANT AND ARE IN PLAY AT THE SAME TIME IN ONE AUCTION AND ONE AUCTION HOUSE.

THUS, I DISCUSSED IN ANOTHER ENTRY MY PROBLEMS WITH SELLING AND THE EXPERTS WHO PRETEND THEY KNOW EVERYTHING BUT ACTUALLY KNOW AS MUCH AT TIMES AS YOU DO AND ESPECIALLY WHEN IT COMES TO YOUR OWN ITEMS AND CONSIGNMENTS. I DISCUSSED THE ISSUE OF THE STORY AND LESSONS LEARNED FROM THE WILLIAM PAGE WATERCOLOURS BOUGHT AT THE COUNTER OF CHRISTIES SOUTH KENSINGTON FOR A 32.00 POUND SUM, SOLD TWICE AT SOTHEBYS AND THE STORY OF SELLING ME SHORT BY THE EXPERT IN CHARGE.

YOUR RIGHTS AS A SELLER AT AUCTION

AUCTIONS DO MAKE MISTAKES BUT THERE ARE RULES THAT COVER YOU AS A CLIENT , IF YOU ARE SOLD SHORT BY ANY AUCTION OF MENTION. THE AUCTION HAS RESPONSIBILITY TO TRY AND MAKE THE MOST MONEY FOR YOUR PROPERTY. MORE SIGNIFICANTLY THEY ARE OBLIGED TO DESCRIBE THE ITEMS YOU SELL PROPERLY AND WITHOUT ANY MISTAKES OF ATTRIBUTION.

THE WATERCOLOUR I AM BRIEFLY DISCUSSING HERE WAS SOLD IN AN IMPORTANT SALE AT SOTHEBYS WHERE THE GREEK SIGNATURE WAS MISREAD AND THEREFORE THE ITEM SOLD WELL BELOW ITS REAL VALUE BY ABOUT 200-300%. I WAS IN THE ROOM OF SOTHEBYS SELLING ANOTHER GREEK WATERCOLOUR AND I SPOTTED THE MISTAKE ON VIEWING. THE PROSALENTIS WORK WAS ATTRIBUTED TO ANOTHER PROSALENTIS ARTIST, WHO IS NOT AS POPULAR AS EMILIOS PROSALENTIS.

I PURCHASED THE ITEM, IF I REMEMBER CORRECT AT ABOUT 700 INCLUDING COMMISSIONS. IT WAS CHEAP AS A PROSALENTIS AS IDEALLY IN SUCH A SALE, IT SHOULD HAVE SOLD FOR ABOUT 1500 POUNDS PLUS COMMISSIONS. NO WORRIES FOR ME. I BOUGHT THE ITEM LEGALLY BUT ….

EMILIOS PROSALENTIS BOUGHT AT SOTHEBYS, SOLD AT BONHMAS

DID THE OWNER OF THE WATERCOLOUR KNOW OF SOTHEBYS’ MISTAKE?

I AM SURE HE/SHE DID NOT. FURTHERMORE, ONE YEAR DOWN THE LINE I SOLD THE SAME WATERCOLOUR THROUGH BONHAMS FOR ABOUT 2000 POUNDS BUT THIS TIME ROUND IT WAS ATTRIBUTED CORRECTLY TO THE ARTIST. THE OWNER OF THE WATERCOLOUR WHO SOLD AT SOTHEBYS , I AM GUESSING, KNEW NOTHING OF THE EVENT.

IN CASES SUCH AS THESE THE ORIGINAL OWNER CAN ASK FOR

COMPENSATION FROM THE ORIGINAL SELLING AUCTION, I.E. SOTHEBYS

. THE RULES PROVIDE FOR PROPER DESCRIPTION AND SELLING OF ANY

PIECE OF ART. IF ANY ITEM SELLS WELL BELOW ITS MARKET VALUE

BECAUSE OF WRONG DESCRIPTION, ENTRY ETC, THE VENDOR IS

ENTITLED TO COMPENSATION OF ANY DIFFERENCE THE ITEM SOLD

REMEMBER WHAT HAPPENED WHEN THE WILLIAM PAGE WATERCOLOUR SOLD ONCE FOR 600.00 FOR MYSELF, AND LATER AGAIN AS WILLIAM PAGE, NOT ATTRIBUTED AS IN FIRST SALE FOR ME, WHEN IT SOLD FOR 2000.OO POUNDS? SOTHEBYS COMPENSATED ME AS THEY SHOULD HAVE DONE.

AUCTIONS ARE NOT OWNERS OF ITEMS THEY SELL IN 99.5 % OF LOTS SOLD. IF NOT MORE. WHEN THEY SELL AN ITEM OF THEIRS THAT IS STATED IN THE CATALOGUE. ACTING AS AGENTS OF BOTH SELLERS AND BUYERS, THEY GET PAID BY BOTH AND THEREFORE MUST PROTECT BOTH PARTIES IN ANY SALES.

PETER CONSTANT

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