Art Dealers Are Making Buyers Commit Not To Flip The Art. Are Such Contracts Enforceable?

“Contractual terms preventing buyers from reselling works at auction for a fixed period of time — which have become increasingly popular as dealers seek to stamp out speculation that can damage young artists’ prospects — as well as agreements granting galleries the right of first refusal on resales may violate consumer rights, according to Martin Wilson, chief general counsel at [auction house] Phillips. … Fellow lawyers in the UK and US largely agree.” – Artnet