Property Auctions, Auctioneers and Valuers in the UK
Auctions have become more popular in recent years. Among the reasons are the TV programmes who televise auctions with anything from bric a brac, fine art, and of course property auctions.
Auction catalogue price guidelines are exactly that. The difficulty in valuing an auction lot is made more difficult for the valuer in terms of how many will attend the auction sale. Are the buyers there for the general sale or for specialised bids etc.
The valuer for the auction house and their colleague the auctioneer will always do their best to attain best price, but the variables on auction day are difficult to pre-judge.
The seller need not worry too much as they do have the right to place a minimum selling price on the sale day.
Should the lot not reach expectation the auctioneer will then withdraw the lot, giving the seller a number of options.
First to discuss the last/highest offer with the bidder and see if some agreement can be reached on the auction item, this happens regularly at property sales, allowing the bidder and seller to focus on the situation.
Second to put the lot into a forthcoming auction.
Third to withdraw from the auction scenario and place the lot onto the open market.
