When the Rich Regret: The Case of Non-payment in Art Auction Sales

Authors

Allison Trupp, Benjamin N. Cardozo School of Law

Abstract

Part I is a brief introduction to this Note. Part II of the Note will examine the history of auction and the shift that has occurred in the market that has led to the non-payment problem that has become rampant. It also looks at the issue abroad and differences in buying culture in countries such as China. This Note will then delve into many of the recent cases that have arisen due to nonpayment problems. Part III will discuss the problem in more detail and look at the status of the art auction processes, what is already in place, and where it is failing. Part IV will examine possible solutions to the problem, focusing on the proposal of negotiation before lawsuits as a means to achieving successful settlement while avoiding litigation. This Note will also compare other industries and regulated markets and suggest ways to incorporate their problem-solving methods into the art auction world to remediate the issues it is faced with.

Disciplines

Antitrust and Trade Regulation | Dispute Resolution and Arbitration | Law | Torts

Recommended Citation

Allison Trupp, When the Rich Regret: The Case of Non-payment in Art Auction Sales, 20 Cardozo J. Conflict Resol. 499 (2019).
Available at: https://larc.cardozo.yu.edu/cjcr/vol20/iss2/9