All auctions of mention insure anything consigned to them for damage, theft etc. This is a necessary expense and many cases it is an expense dealers and sellers resent but at the same time recognise the necessity and value of it.
My questions with junior employees at Nagel remained unanswered up until the moment I started talking with a senior director of the auction.
I am so and so sir. I cannot get a satisfactory answer to my question / problem. Can you please help me?
I was dreading very bad news by then and the loss of one thousand pounds which I could not afford at that time and under the bad financial situation of the times. Yes, I could survive but N,o I did not want to lose a painting I felt was worth a few thousand pounds more.
Mr so and so. I am afraid I have some bad news for you.
What bad news sir?
Your painting was stolen from our gallery!
What? How did that happen?
Please, do not panic. Your painting was insured for 3000 pounds, as the reserve you set, and that you will get within the next month.
Your painting was a small painting. Two robbers rushed into the gallery and took your painting and a small carpet. We chased them for some distance and we got the rug back but not the painting. You see, it was so small and light, that they got away with it.
I am so sorry to disappoint you!
He was genuinely apologetic but I was ……..
Happy and relieved!! The insure money was plenty enough for me!
I thanked him for the info but ……..
I was not sorry. I was so relieved they would pay me with the reserve which meant about 1700 profit on my investment in less than three months after they deducted their commissions.
I put the phone down and screamed:
Thank God it was stolen! No worries about being sold or not!
Life teaches us many lessons daily. This was a lesson I took on board even more seriously after this event. The lesson was straight forward and serious;
Have a reserve for your consignments and insure them for peace of mind!
