Yesterday’s note on practices in the art market brought forth a slew of comments and suggestions for publication. We have vetted and two of them and will convey them on to you here.
1) An invoice, not objected to within 30 days by the recipient is deemed to be accepted and becomes a contractual obligation to pay. Buyers, beware of contested invoices going uncontested for more than thirty days.
2) When shipping valuable items with one’s shipper, do not waive any claims of damage to the works while in the hands of the shipper unless you have obtained, in writing, permission for the waiver from your insurer. Failure to do so is cause for the insurance company to deny coverage on damage and, in fact, cancel the policy.
As the art business has grown, the laws, as mentioned here, have the attention of the authorities and enforcement is severe – a reason the community should consult with competent counsel as to its business practices.
We would appreciate your input to our series as we develop these memorandums for the community’s benefit.