What happens if I win an auction but cannot make the payment?

If a person wins an auction at Sotheby's and is unable to make the required payment, several consequences may follow. Typically, when a bidder wins an auction, there is a contractual obligation to complete the purchase by paying the winning bid amount plus any applicable fees, such as a buyer’s premium or taxes. Failure to complete the payment can result in various outcomes. Firstly, Sotheby's may cancel the sale, which would lead to the item being offered to the next highest bidder or re-listed in a future auction. In such cases, the winning bidder who failed to pay could also be liable for any costs incurred by Sotheby's as a result of the non-payment. This may include losses related to resale and additional administrative fees. Moreover, repeated failure to fulfill payment obligations can damage a bidder's reputation within the auction community. It may lead to restrictions on future bidding activities, or possibly a permanent ban from participating in future auctions. If one finds themselves in such a situation, it might be beneficial to review the auction terms outlined by Sotheby's, which can provide more specific guidance on payment obligations and consequences of non-payment as stated in the auction's conditions. Those interested in detailed policies are encouraged to offer further insights found on Sotheby's current web page.