Auctions – and ethics

I know that practices at auctions can sometimes be a bit “dodgy”.  Attending auctions in the local area is a bit of a Saturday morning pastime for me, and part of the fun is to keep an eye on what’s going on.

One of the local agents tends to “push the boundaries” a little more than  others, and at a recent auction, I thought that this definitely occurred. This particular firm has a practice of having one of their agents come to stand alongside anyone who bids. Some bidders don’t seem to mind this, but were I a bidder, I know that I would make it clear that I wanted to be left alone.

In addition to engaging in this practice at this particular auction, the auctioneer referred on a number of times to the street being “closely held”.  Well, it’s not a long street and (as part of my interest), I keep a simple data base of sales in the area.   The same house had been bought by the current vendors about 3 years ago,  in 2013 there had been 2 sales in the street and in 2014 there had been 3 sales in the street……not quite my idea of “tightly held” (and these are just the sales I’m aware of, there could well have been others in addition).

Added to this, the rate notice contained in the section 32 notice related to a prior year.  This need not have been an issue for the auctioneer, except that he proceeded to quote the amount payable in rates from the out-of-date document.

IMG_3505aAuctions are a good system because they’re reasonably  transparent, but just the same, buyers need to be remember that the selling agent’s obligations are to the vendor.

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One thought on “Auctions – and ethics

  1. Pingback: Auction outcomes | Musings and Mutterings

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