News & Views

Auctions and contract symmetry

12 November 2018

It was bound to happen I suppose. We receive a call from an attorney about once a week and a few weeks ago, this particular inquiry was no surprise — other than it took this long.

We have argued for years that auction contracts (listing contracts, consignment contracts, terms and conditions, bid calling contracts) need (or should) be equitable, fair, reasonable. Likewise, contracts that are highly unfair, unreasonable, inequitable are possibly unenforceable and worse yet bad for our industry.

Auctioneers and the first right of refusal

9 November 2018

First right of refusal or “Right of first refusal” clauses are sometimes used in the auction business — and especially in the benefit auction business.

Most often, as auctioneers conduct periodic events (every month, every year) they might extend a first right of refusal to an entity where if someone else wants to hire this auctioneer for that same date the subsequent month or year, this entity can keep that date if the contract is firmed — or not — allowing the auctioneer to book other business that same day.

Gallery Weekend KL 2018

2 November 2018

The inaugural Gallery Weekend art fair returns for its 2018 edition this Nov 29 to Dec 2.

A press release cites the fair as a "dynamic celebration of aesthetic and cultural diversity across Malaysia's capital city."

GWKL 2018 will feature a multitude of exhibitions, special events, gourmet, as well as the Luminary Programme.

 

The programme will include panel discssions by international culture influencers and experts such as:

Auction theft or an auction unpaid?

31 October 2018

“His check bounced …! What can or should I as an auctioneer do?” To answer that, we need to know one critical piece of information: Is this theft or is this an unpaid? In other words, who is in possession and control of the subject property?

I’d rather buy from Amazon than at auction; is it any wonder?

22 October 2018

Essentially, any person on earth can buy from Amazon.com (or countless other online retailers.) Let’s see, what’s involved in such a transaction? Click? Yep, pretty much. No disputes, withdrawals, re-offering, reselling … just “click” and it’s yours.

Further, my neighbor who buys from Amazon all the time says that their return policy is straightforward as well — not happy? Return it. There is no question that commerce generally is moving this direction as customers demand more flexibility and ease of buying.

Auctioneers deal with urgency…

12 October 2018

I teach real estate pre-licensing, post-licensing, continuing educaiton and exam preparation classes for Hondros College. In thos classes, students often ask what the csotmary commission is for selling real proprety; additionally, they sometimes ask what I charge to sell real property at auction.