Posted By:
mcavoyPASJD wrote: "I do not understand the continued reluctance (with the apparent exception of Robert Edwards) of auction houses, and presumably authenticators (who even if they don't set policies are surely in a position to exert influence), simply to adopt a full, up-front, disclosure policy. I have yet to hear a justification for it. Perhaps there is one, but I have yet to hear it. One would like to think the purpose is NOT to sell items at a higher price than they would sell for absent disclosure, but until the real reason is revealed it is reasonable to draw that inference. I could speculate that there may be other less sinister reasons -- for example, auction houses are reluctant to make changes unless others follow step for fear of losing authenticator business -- but again, unless I have missed it, noone has EXPLAINED the reasons for not disclosing."
I think the big ones have in defense testimony and news articles when major fakes are revealed after the fact: 1. Their policy is "Buyer beware." 2. Buyer don't ask, house don't tell. 3. Competition; full disclosure policies may deter some selling collectors from placing their collections/questionable items with houses that disclose all known and suspected problems. 4. House Fees and Seller Revenues; uncertainty disclosed would likely reduce the hammer price and lower the juice