Auctioneer Jussi Pylkkänen takes bids at the auction of Leonardo da Vinci's"Salvator Mundi" during the Post-War and Contemporary Art evening sale at Christie's on November 15, 2017 in New York City. Photo by Eduardo Munoz Alvarez/Getty Images.
Correct, and in addition, the requirement that auction houses use only licensed auctioneers to conduct auctions was also repealed. It’s unlikely that Kim or Kanye will take the podium at the next Christie’s evening sale—but now it could legally happen.For one thing, auction houses were required to disclose in writing—typically in auction consignment agreements—all fees, commissions, and charges payable by the consignor.
Not surprisingly, bidders could also see less disclosure from the auction house. For example, the old statute required an explanatory statement or symbol in the auction catalogue if the house had a direct or indirect interest in a lot being sold—practically speaking, via a guarantee arrangement with the consignor—or if the consignor was to receive a “rebate commission” . Those disclosure requirements are now out the window.