Tags

, , , , , , , , , ,

I’ve probably said it 1,000 times … auctioneers should stay in their lane. What I mean by that is … when having a with reserve auction don’t try to change it to without reserve (absolute) and when having a without reserve (absolute) auction, don’t try to change it to with reserve.

This above picture pretty much lays it out visually, in that the right lane is the absolute lane, where the seller has the genuine intent to transfer to the highest bidder regardless of price. The left lane here depicts more than one possible location — in that with reserve auctions have options, although none cross that yellow line.

In 2011, we wrote that auctioneers selling with reserve had choices: https://mikebrandlyauctioneer.wordpress.com/2011/03/26/with-reserve-auction-choices/ In 2015, we wrote in more detail about without reserve auctions: https://mikebrandlyauctioneer.wordpress.com/2015/11/27/genuine-intent-to-transfer-to-the-highest-bidder-regardless-of-price/

Maybe most importantly, in 2015 we wrote about [not] changing the type of auction: https://mikebrandlyauctioneer.wordpress.com/2015/06/03/changing-the-type-of-auction/ Summarizing that article, everywhere in the United States, it is terribly ill-advised to change a with reserve auction to a without reserve auction, and likely illegal to change a without auction to a with reserve auction.

Thus, we have been telling auctioneers about an easy rule to remember which is, “Stay in your lane.” That is, for each lot or property, as the UCC 2-328 denotes each lot (property) is a separate sale and thus can be with reserve or without reserve; life for an auctioneer accepting bids can be about this simple.

Mike Brandly, Auctioneer, CAI, CAS, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, RES Auction Services and Goodwill Columbus Car Auction. He serves as Distinguished Faculty at Hondros College of Business, Executive Director of The Ohio Auction School, an Instructor at the National Auctioneers Association’s Designation Academy and Texas Auction Academy. He is faculty at the Certified Auctioneers Institute held at Indiana University and is approved by the The Supreme Court of Ohio for attorney education.