Therefore, a sale contract was formed at the moment the hammer went down. Consideration was the £860,000 (plus fees) and there is a clear intention to create legal relations. It will drop out of the picture when the parties reach an agreement.Ĭlause 6(d) ( Conduct of the Auction) provided that the contract between the buyer and seller is concluded on the striking of the auctioneer’s hammer, whereupon the buyer becomes liable to pay the purchase price.Īs seen in Banksy’s video, offers were made by bidders and acceptance of the final offer of £860,000 (plus fees) was indicated by the auctioneer when the hammer went down. This means that Sotheby’s helps to put the buyers in touch with the seller. A sale contract is made directly between the buyer and seller. Let’s start with looking at Sotheby’s Conditions of Business for Buyers which sets out the detailed terms of the contract between Sotheby’s, the seller and potential buyers.Ĭlause 1(b) ( Introduction) states that Sotheby’s act as agent for the seller. For commercial contracts, there is a rebuttable presumption that the parties intended their agreement to be legally binding. There must be mutual intention to create a legally binding arrangement. The time and place where an offer is accepted determine the point in time the contract becomes legally binding on the parties.Ĭonsideration is the “something” given in return for a promise to fulfil an obligation. In the context of an auction, it is when the hammer went down to announce the complete of sale by auction, see Sale of Good Act 1979 s.57(2). An acceptance must be communicated to the offeror. It is made in response to an offer and therefore should be a mirror image of the offer. In an auction, bidders make offers in response to the seller’s invitation to treat (the auction house catalogue/exhibition).Īn acceptance is the final and unqualified assent to the terms of the offer. Invitations to negotiate like ads or display of good are not offers, they are referred to as “ invitation to treat”. It must contain the basic terms of the agreement and the intention is that there will be no further negotiation. A basic binding contract must have 4 elements:Īn offer is a promise by one party to enter into a contract on certain terms. Very simply speaking, a contract is a legally binding promise by one party to fulfil an obligation to another party for something in return. First, let’s start with some basic contract law. Sotheby’s potential liability will be covered in the next part of this series. If there is a contract, could the buyer get out of it? In the following paragraphs, I will focus on the contract law implications of this shredding stunt, discussing 2 issues: Sotheby's refused to reveal who had bought the piece before it was shredded.I have previously covered the potential criminal law implications of Banksy’s artwork in Part 1. The gallery version featured spray paint and acrylic on canvas, mounted on a board. Girl With Balloon had originally appeared on a wall in Great Eastern Street, London. They included the opening of Dismaland, his dystopian, Disneyland-esque theme park in 2015, which he described as a "family theme park unsuitable for children". He came to prominence through a series of satirical graffiti pieces that appeared on buildings across the country.įriday's self-destruction was the latest in a long history of anti-establishment statements. The Bristol-born artist is revered for his subversive work, but, despite rampant speculation, has never officially revealed his identity. "It appears we just got Banksy-ed," said Alex Branczik, Sotheby's senior director and head of contemporary art in Europe. The £1.04 million sale of Girl With Balloon was the last lot of the night and equalled Banksy's previous auction record. Guess, Banksy himself or one of his friend might have been in the room to activate the shredder right after the final bang! /MFLSN7xCgM- Vivek October 6, 2018Įarlier on Saturday, Banksy had posted a picture of the stunt's aftermath with the caption: "Going, going, gone." Him building a shredder into his painting was pure brilliance. Two attendants are shown rushing over to removed the painting from its fitting and taking it away. The stencil spray paining - which depicts a girl reaching towards a heart-shaped balloon - suddenly passes through the covert shredder and hangs limply from the bottom. The clip shows a hooded figure putting the finishing touches on the device, before text appears on the screen saying: "In case it was ever put up for auction."Ĭamera-phone footage from inside the auction house in London then follows, capturing the moment a beeping siren sounded as the gavel hits.
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