The authenticity of works of art sold at auction is a major factor in delayed or defaulted transactions in auction , according to research by auction Economics . It is not simply a reluctance to pay , as the buyer must often determine the genuineness of the lot and prove for themselves it is not a forgery . For example , China Guardian , the country 's second largest auctioneer , gives no credit or credit on bought items . Most auctioneers outside China , verify a lot is genuine before it is offered and will refund buyers if the work is later found to be counterfeit .
The authenticity of works of art bought at auction is a major factor in delayed or defaulted transactions in China, according to research by Arts Economics. It is not simply a reluctance to pay, as the buyer must often determine the genuineness of the lot and prove for themselves it is not a forgery. For example, China Guardian, the country's second largest auctioneer, gives no guarantee or warranty on bought lots. Most auctioneers outside China, verify a lot is genuine before it is offered and will refund buyers if the work is later found to be counterfeit.