What would a formal 'Numismatic Auction Code of Conduct' look like — and why does it matter?

The Six pillars of a Numismatic Auction Code of Conduct

Pillar 1 — Authenticity and Grading. Photographs must show the actual lot being sold — not stock photographs, not photographs of similar pieces. At least one photograph must show the serial number legibly. Grade descriptions must be consistent with recognised international standards (PMG, PCGS, or their Indian equivalents). Authentication sources must be disclosed if used. Any known defects — repaired tears, cleaning, PIN holes — must be disclosed before the auction begins.

Pillar 2 — Auction Mechanics. If a reserve price exists, its existence must be disclosed before bidding begins (though the amount need not be). The end time must be stated and honoured — no late bids can be accepted without announcing an extension to all bidders. The winner must be announced within 30 minutes of the stated end time. No undisclosed vendor bidding and no family member bidding on the seller's behalf without pre-auction disclosure. The minimum bid increment (slab) must be stated and consistently enforced.

Pillar 3 — Delivery. Shipping must be by India Post Speed Post insured or by a documented courier with tracking. The seller must provide the tracking number to the buyer within 24 hours of despatch. Delivery must occur within the stated timeframe.

Pillar 4 — Disputes and Returns. A minimum 7-day return window must be offered for authenticity disputes — where the buyer can demonstrate that the received item does not match the described item. The refund timeline must be stated before the auction. Consumer forum rights are always reserved for the buyer and cannot be waived by any auction term or condition.

Pillar 5 — Transparency and Legal Compliance. The seller's real name must be available for significant transactions above a stated threshold. GST registration must be maintained by sellers whose turnover requires it, with GST invoices issued on request. AATA dealer licences must be held by professional dealers in antiquities as required by law. The auction must not involve items of clearly illegal provenance.

Pillar 6 — Records. The seller must retain the complete auction record — recording, chat export, or screenshot thread — for a minimum of 3 years. The buyer must receive a GST invoice where the seller is GST-registered. Any complaint received must be acknowledged within 48 hours and substantively addressed within 14 days.

Why it matters — the three functions of a voluntary Code

A voluntary Code creates three distinct values that mandatory law alone cannot. First, it creates community accountability — a seller who has publicly signed up to the Code cannot credibly claim that a return window was never part of their terms when they explicitly agreed to a Code that requires one. Second, it provides a measurable standard for consumer forums and police — 'this seller violated Pillar 2 of the Code they had publicly adopted' is a more precise complaint than 'they did something unfair.' Third, it enables platform enforcement by group admins — admins who point to a Code violation as the reason for removing a seller from a group have a documented, legitimate basis for their moderation decision.

Laws & authorities referenced in this chapter

Sale of Goods Act 1930 — §64 (auction mechanics; Code codifies existing legal obligations in accessible form)

Consumer Protection Act 2019 — §2(47)(r) (unfair terms; Code prevents terms that override consumer rights)

Income Tax Act 1961 — §269ST (Pillar 3 banking channel requirement reflects §269ST obligation)

CGST Act 2017 — §22, §24 (Pillar 5 GST compliance reflects existing statutory obligation)

Antiquities and Art Treasures Act 1972 — §5/§8 (Pillar 5 AATA dealer licence reflects existing statutory obligation)