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Auctions offer swift, superior ‘sales on steroids’

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Ethical conduct and operational integrity are essential elements of respected members of the auction industry, says the SAIA's Joff van Reenen.

Ethical conduct and operational integrity are essential elements of respected members of the auction industry, says Joff van Reenen, director of public relations for the SA Institute of Auctioneers (SAIA).

“Whether auctioneers are fleet car specialists, deal in art and antiques or specialise in property, the only way the industry will increase its share of the commercial market, and keep loyal clients, is to consistently deliver better results and superior service.

“State enterprises and financial institutions should realise auctions are sales on steroids and can achieve in minutes what dealers, brokers or tender processes might take months to realise,” says Van Reenen.

“Auction disposals are also extremely safe because reserve prices ensure assets are sold at market value or higher. It is the most transparent sales method and no commission fees apply to sellers as buyers are responsible for this cost.”

SAIA was founded in 1989 to provide a clear set of industry standards that promote the ethical practice of auctioneering. Members must meet specific legal requirements, be in strict compliance with the SAIA code of conduct, and belong to the requisite affiliated associations.

John Cowing, SAIA chairman, says the fact that the number of complaints submitted to SAIA against accredited auction houses dropped from 78 in 2015 to only 49 last year 2016 shows professional auctioneers in South Africa “take their business seriously”.

He says most auction business is derived from the corporate sector. “Corporates, state-owned enterprises and financial institutions will not conduct business with any auction houses that have lost SAIA accreditation. The effect on a suspended auction house’s bottom line would therefore be dramatic and immediate – an added incentive for members to remain on the straight and narrow.”

Cowing advises potential clients to check auctioneers’ accreditation status before starting negotiations. See www.auctioneering.co.za for a full list of SAIA-accredited auctioneers.

Sunday Tribune Auctions

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