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Netherlands: NMa allows art traders to conditionally agree on bidding behavior

By  |  December 12, 2012

Dutch competition authority NMa has announced it will allow art traders to collectively buy paintings at auction, though the agreement did not come without conditions. While the NMa says that agreeing upon bidding behavior can hurt competition, the body has allowed buyers to do so only if they have registered in advance with the auction house, and only if ownership remains with one artist for at least six months of a painting’s purchasing date. The NMa began looking into the practice when companies approached authorities to reveal agreements they had made with each other to “pressure auction prices.”

Full Content: Dutch News

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