UCLA

I. REFERENCES

1. UCLA Policy 742, Acquisition of Works of Art, Antiquities and Artifacts;

2. UCLA Procedure 742.1, Acquiring Works of Art, Antiquities and Artifacts.

II. GENERAL POLICY

De-acquisition of works of art by sale or exchange is accomplished according to the following guidelines:

• The Gallery honors all legal restrictions attached to a gift or bequest of a work of art. In addition, requests which do not impose any legal obligation accompanying the bequest or gift but contain certain stipulations will be respected to the extent possible, unless modified by the donor, or if the donor is not living, the donor's heirs or legal representatives.

• All reasonable means are used to locate the donor or heirs to obtain permission for de-acquisition.

• Sale or exchange is carried out in accordance with applicable University policies. In addition, the State of California Resale Royalties Act of 1976 requires that anyone in the State of California who resells an original work of art for more than $1,000 and in excess of the purchase price, must pay the artist five percent of the gross proceeds. If the artist cannot be located, the percentage must be turned over to the California Arts Council which will take over the search.

III. STATEMENT

Sale at auction insures that the objects are being offered to the largest possible audience to obtain the highest possible price. Further, sale at auction provides a public forum for de-accessions. It is difficult for institutions to be criticized if carefully chosen objects are offered in well-catalogued and widely publicized public auctions.

Note:  Reserves are established by the auction house to protect the museum's property at auction. The term "Reserves" refers to the vendor's right to bid on his own property or to a price below which the property may not be sold.

The auction house should guarantee every object it sells against being a counterfeit. All research is done by their specialists prior to the sale assuring that all works sold are genuine.

The auction house contract will state that there is a commission payable by the buyer on the hammer price and a commission payable to the auction house by the seller. In certain instances, the commission paid by the seller is negotiable.

The auction house should determine which of the artists involved in the sale are living and will take responsibility for the terms set forth by the California Resale Royalties Act of 1976.

IV. PROCEDURES