As part of a broader regulatory roll-back intended to stimulate business and economic activity post-pandemic, the New York City Council repealed regulations affecting the auction industry.[1] Generally, the repeal’s effect is to remove rules that regulate the conduct of auctioneers and auction houses, including licensing and disclosure requirements.
As of June 15, auctioneers and auction houses no longer need a license to operate. Provisions requiring the disclosure of auction practices or certain auction items’ descriptions were done away with in April. Without these restrictions, auctioneers, for instance, are no longer required to disclose the amount or existence of a reserve price.
