Art dealer's policy

An art dealer holds two kinds of works: those it has bought, which form its stock, and those that collectors or artists have consigned to it for sale. Its policy covers both, on the basis of a value declaration that changes constantly with purchases, sales and consignments, often with stock valued at cost and consignments at the price agreed with the consignor. It follows works in transit, at international fairs, at conservators and with clients examining them before purchase. Per-location and per-fair limits address accumulation: a major fair brings together for a few days hundreds of galleries and several billion in value. Standard exclusions target authenticity, market depreciation, misappropriation by third parties to whom the work was entrusted without checks, and payment fraud, which falls under other policies.