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Gooding sold all but three of its 104 consignments for a total of $52.6 million during their two-day event.
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Zwirner was selling it, on consignment, for a European collector.
This new interpretation is flatly inconsistent with the FLSA, which defines "sale" to mean, inter alia, a "consignment for sale". A "consignment for sale" does not involve the transfer of title.
That was particularly evident Monday, when Christie's kicked off its annual, weeklong Los Angeles "blitz" (to find consignments for future auctions) with a free estimate day at the Beverly Pavilion Hotel.
The statute defines "sale" to mean, inter alia, a "consignment for sale," and a "consignment for sale" does not involve the transfer of title.
Consider shopping at thrift stores or consignment shops for a better deal.
Each regional hub handles consignments for delivery in their area.
(The house is presently taking consignments for the next incarnation of this event, on Dec. 18, so if you have, say, a Victorian spittoon or an extra codpiece that you'd like to get rid of, give them a call).
The normally difficult task of getting consignments for important sales is only going to get harder for all auction houses.
It, too, was on consignment for less than a day before it sold.
A similar regime could be considered for maritime consignments bound for Gaza, for example, by deploying E.U. monitoring teams in Cyprus.
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