This Is What Happens When an Art Auction Bidder Changes Their Mind
Auction houses are grappling with a rise in bidders attempting to back out of winning bids, often citing flimsy excuses like cats jumping on keyboards. Richard Wright, CEO of Rago/Wright, describes a 'cat button' on their website that locks the bid button to prevent accidental clicks, but some buyers still renege by blaming spouses or pets. The problem has worsened with online bidding, as remote participants may not grasp the binding nature of a winning bid. Houses like Freeman | Hindman and Eldred's require deposits and registration to mitigate risks, but defaults persist, with Wright estimating 1% of sales become problematic.
