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We have noticed that Version History of an artefact does not appear to be visible if that artefact is checked out (i.e. someone has clicked 'Edit Offline').
Is this a feature or an enterprise setting? How does one see the previous versions when the artefact is in this state?
This is a feature. The working copy, on which you are operating, has no history by itself, only the original has. There should be an action available to locate / access the original node of any element that has been checked out - at least in the Share UI (not sure about ADF / ACA / ADW).