This is the third in a series of articles looking at auction house policies, terms, and conditions of sale.
The first such article, “Auction House Buying Considerations, Part I: Overview“, reviewed excerpts from the policies of Little John’s Auction Service, Profiles in History, Odyssey Auctions, and Heritage Auctions.
The second article, “Auction House Buying Considerations, Part II: Chandelier Bid Legislation“, provided an article about legislation seeking to prohibit unidentified “for the consignor” bids at auction.
What follows are excerpts from a recent Bonhams catalog from earlier in the year.
3. DESCRIPTIONS OF LOTS AND ESTIMATES
Bonhams’ responsibility to you
You have the opportunity of examining the Lot if you want to and the Contract for Sale for a Lot is with the Seller and not with Bonhams; Bonhams acts as the Seller’s agent only (unless Bonhams sells the Lot as principal).
Bonhams undertakes no obligation to you to examine, investigate or carry out any tests, either in sufficient depth or at all, on each Lot to establish the accuracy or otherwise of any descriptions or opinions given by Bonhams, or by any person on Bonhams’ behalf, whether in the Catalogue or elsewhere.
You should not suppose that such examinations, investigations or tests have occurred.
Bonhams does not make or agree to make any representation of fact, and undertakes no obligation or duty (whether in contract or tort) in respect of the accuracy or completeness of any statement or representation made by Bonhams or on Bonhams’ behalf which is in any way descriptive of any Lot or as to the anticipated or likely selling price of any Lot.
No statement or representation by Bonhams or on its behalf in any way descriptive of any Lot or any Estimate is incorporated into our Buyer’s Agreement.
Alterations
Descriptions and Estimates may be amended at Bonhams’ discretion from time to time by notice given orally or in writing before or during a Sale.
THE LOT IS AVAILABLE FOR INSPECTION AND YOU MUST FORM YOUR OWN OPINION IN RELATION TO IT. YOU ARE STRONGLY ADVISED TO EXAMINE ANY LOT OR HAVE IT EXAMINED ON YOUR BEHALF BEFORE THE SALE.
This language is similar to that used by some of the other auction houses we have reviewed. In essence, the burden is placed on the potential bidders to research and verify the marketing descriptions of each piece, which of course related directly to provenance and authenticity.
In my opinion, as with all auction house events, in practical terms, it is truly buyer beware, and nothing should be accepted at face value without first hand verification and research. Of course, given these are terms and conditions, written by attorneys, the work these companies do in regards to provenance and authenticity is understated, but it still is what it is. My feeling is, buyers should perform their own due diligence to counterbalance concerns raised by these stated policies.
Jason De Bord