The state Court of Appeals has agreed to hear a case that could alter the long-standing practice in the fine arts auction business of shielding the names of precious items’ sellers. The court will hear an appeal of William J. Jenack Estate Appraisers and Auctioneers v. Rabizadeh, 99 AD3d 270 (2012), in which the Appellate Division, Second Department, ruled that General Obligations Law §5-701(a)(6) requires that a seller’s name be revealed to the buyer before a transaction becomes final.
Justice Peter Skelos (See Profile) acknowledged in the ruling that while the "common practice" of auction houses has generally been not to reveal the names of consignors, the court was concerned with the letter of the General Obligations Law, which he said requires disclosure (NYLJ, Sept. 21). Skelos said it was up to the Legislature to alter the requirement.
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