It is mandatory for all members of the Society of Fine Art Auctioneers and Valuers (SOFAA) to have a separate client account or to use an alternative method of protecting client funds that has been approved by SOFAA’s committee, rather than ‘strongly advising’ all members to do so, as written in ATG No 2327. ATG apologises for this error.
Helen Carless (right), chairman of SOFAA and chairman and managing director of Lawrences of Crewkerne, adds: “It is one of the most important principles determining what constitutes good practice that clients should have full confidence that when they either sell or buy from an auctioneer, their funds are protected.
“Hence why having a client account is such a vital part of the requirements for becoming a member of SOFAA.”