Apologies...
May 17 2016
...very sorry about the radio silence the last two days. I have been in Wales for the first shoot of my new BBC4 series (on which more soon).
And tomorrow I'm speaking at a conference in London on regulating the art market: a good or bad idea? I think it's a bad idea - but haven't yet prepared my talk. I'd be grateful for any thoughts readers might have either way!
Update - a reader writes:
Regulation generally has a cost and only makes work for solicitors and government bureaucrats.
Having said that there is a need for some industry standards in the art world.
The first of these is transparency and full disclosure. Many undisclosed conflicts of interest exist and a buyer or a seller is entitled to a fair deal at auctions and with consultants.
The conflicts are myriad but auction guarantees and phantom bidders come to mind. Similarly art advisers must disclose when they are acting as agents on commission or fixed fee and when they are acting for their own account. It is desirable to know the sale history of a work.
A seller should provide a statement of known impediments to a work such as repairs and conservation or challenges to authenticity, title, and provenance. Such disclosures are required generally for real estate and art is real property that can have similar value.
A mere admiration of what is needed but the introductory caveat must be noted.
Another writes:
On regulating the art market, some common rules on disclosure and transparency might help. Like banks’ communications, which are specified by the Financial Conduct Authority. EG
1) Salerooms to disclose any guarantee, or interest in an object.
2) Salerooms to disclose all reserves.
3) Salerooms and dealers to disclose all attributions/opinions obtained by them prior to sale. (Good salerooms of course do this).
4) Full provenance to be disclosed ( including the last provincial sale where the vendor bought it for £50).
5) Something about offerors of lots under in lieu system being obliged to sell.
I agree that one should not need a particular qualification or particular financial resources to operate in the market, like a financial adviser or bus driver, and don’t approve of regulation generally, but transparency is a good thing.
