The text of the act makes it explicit that it applies to individuals. Some of the posts here have referred to its actual application to...
In any auction house terms and conditions it will refer to governing law. The governing law protects markets from practices like fraud, cartels...
Very good points. I don't think people will be arrested either. But (& it's a big but) there are people in jail for market manipulation who...
That's my concern. They don't look hard to fake. Ancient erotica was popular in the Renaissance and many of these could have been made for...
Consequentialism is conventionally divided into act based or rule based. That might be a helpful way of thinking about this case. Rule based would...
That was raised earlier in the thread. The law explicitly applies to individual and doesn't carve out any markets. It obviously isn't a priority...
Interesting point. I *think* some jurisdictions require these arrangements to be reported to the auctioneer in advance. Certainly it's normal and...
One clarification here. The law applies per se, which means you cannot defend yourself by saying your bid agreement didn't actually make much much...
Ditto. And on that conciliatory note, I'm off to bed :-)
That could be. But this is a small market and it might make a meaningful difference to the seller. We can't judge how important that margin would...
Yes, I worried about that too. All in good faith, though - on all sides and with reasonable disagreement. Just on the luxury point, though:...
The legitimacy of the laws is a different question, but they exist if we like it or not. But the act was passed at a time when, for example, the...
No, if the empty handed person expects that the other party will refrain from bidding in a future sale, there's benefit. Some of the case law on...
But if there is an expectation of quid pro quo, then there is mutual benefit. And there is case law on that.
Reserve is to limit downside. But you don't sell at auction to get the minimum. You sell to have a chance of getting more in open competition. If...
But the rules are there to keep the game more or less fair. Surely you'd agree that the extreme situation of a bidding ring between dealers isn't...
Worst thing about stupid laws is when they can be inconsistently prosecuted. It was a classic totalitarian strategy. They'd go after political...
Very true. Three felonies a day, by one estimate: https://mises.org/library/decriminalize-average-man Didn't mean any disrespect with last post,...
The text of the Act clearly refers to individuals. Section 8: "That the word "person," or " persons," wherever used in this act shall be deemed to...
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