| This paper explores the legal sustainability of contemporary auction house practices in the twenty-first century, analyzing some of the present legal issues inherent in common auction practices. Two major issues are explored in depth: one pertaining to the consignor, the guarantee system, and one pertaining to the purchaser, chandelier bidding. Analysis is based on U.S. common and statutory law and is also based on the broader context of contemporary art market (specifically, auction house) trends. Moreover, analysis is situated in a broader theoretical paradigm that both reflects the legal history of the auction house for historical context, and simultaneously looks forward, considering the future of the auction house by offering ethical assessments and policy recommendations. |
