Section IV
The ring, as an institution
How a sale actually works.
Every guide in this section
- The ring, as an institutionA sale ring is a room built for a specific procedure, and the procedure is older than any of the buildings.
- What a catalogue entry actually statesPedigree, conditions of sale and warranties are a formal document, and the omissions are as informative as the entries.
- The fall of the hammerTitle, risk and the conditions of sale all change at one instant, which is why the procedure is so exact.
- What does not sellUnsold lots are a documented part of every sale, and the reserve is why.