The deal, reported in ATG No 1737, April 29, means that those with existing Invaluable contracts to have their catalogues uploaded online will continue to be protected for Due Diligence purposes with Swift-Find - until those contracts expire.
But those whose contracts have already expired, as well as new customers, will not be protected via Invaluable. For Due Diligence purposes, they will have to register and pay separately with Swift-Find.
Swift-Find's Search It Volume service checks catalogues in the same way as the Trace service used to do for Invaluable, with the text for each lot automatically scanned against the database of stolen art and antiques.
This process of checking is seen as an essential working practice for auction houses by the professional associations SOFAA and RICS. For many salerooms, Invaluable's Trace service was seen as an efficient and cost-effective way of carrying out their Due Diligence checks, whilst posting their catalogues on the Invaluable website at the same time.
However, for Swift-Find's new clients, separate charges will now apply for conducting Due Diligence. An auction house wanting to check up to 25 sales catalogues a year, for example, will be charged a basic rate of £50 per sale. For up to 100 catalogues per year, the charge is £40 per sale. For over 100 catalogues per year the charge is £30 per sale. Costs for any premium services are then tailored depending on which options are chosen.
Swift-Find's Search It Premium option offers, amongst other services, image matching technology.
Change on catalogue checks for stolen art and antiques
THE online registry of valuables Swift-Find have taken over the Trace database of stolen art and antiques. It means Invaluable are no longer conducting Due Diligence as part of their online services for auctioneers, dealers and collectors.
