To the surprise of even auction houses, New York City has repealed its regulations that applied to book and art auctions. According to city officials, the actions were taken as a way to make New York City more conducive to business. Yet, did not the regulations give confidence to auction buyers?
Was there a need for the repeal? The regulations were designed to create better transparency for buyers and eliminate a few of the most problematic practices from past decades. For example:
Licensing of auction houses and auctioneers,
Reserve prices could not be higher than the minimum estimate,
Regulations on what is known as “chandelier” bidding,
Auction houses could not fake bids after the reserve was reached, and
That the reserve price could not be higher than the minimum estimate, and more.
For more on the repeal and changes: Michael Stillman’s complete article on RareBookHUB: Click.