Urban Art Association

New York City Auction Houses , by 425387 on May 8, 2022 5:37:32 GMT 1, www.nytimes.com/2022/05/03/arts/design/nyc-auction-rules-sothebys-christies.html

www.theartnewspaper.com/2022/05/04/new-york-city-removes-rules-governing-auction-houses-in-bid-to-stimulate-business

One part of the former regulations was designed to police a longstanding practice called “chandelier bidding,” under which auctioneers announce a series of fictitious bids on a work to help build momentum in the crowd.

Though chandelier bidding was allowed by the city, the regulations forbid auctioneers from announcing any additional fictitious bids after reaching the so-called “reserve price,” the minimum price at which a consignor of a work had agreed to sell it. The regulation was intended to prevent auctioneers, who earn a percentage of a final sales price, from continuing to invent bids to falsely boost the price.