Following a delay in paying consignors, Sotheby’s and Ritchies in Canada have terminated their cooperation agreement, according to Canwest News Service:
One of Canadian art’s major auction partnerships has been scrapped after Toronto-based Ritchies admitted it missed a payment deadline for a number of clients who had consigned paintings for a multimillion-dollar joint Sotheby’s-Ritchies sale in May.
Sotheby’s Canada president David Silcox told Canwest News Service on Wednesday that failing to promptly pay consignors after a sale is a “cardinal sin” in the auction business and that Sotheby’s moved quickly to end its seven-year association with Ritchies. […]
Silcox emphasized that Sotheby’s has had an auction-services agreement with Ritchies since 2002 but had “no ownership interest” in the company.
The statement also said Sotheby’s has “voluntarily” offered to ensure payment to all consignors from the May auction, which was highlighted by the sale of two landscapes by Group of Seven master Lawren Harris for $175,000 and $100,000.
The auction drew bids totalling $3.5 million.
Auction House Partnership, Going, Going, Gone (Canada.com)