IFICAH funding sale at Czerny's

A. G. Maisey · 20th December 2019, 07:06 PM

Jean, to my mind this is the key question:-

What steps do you take to make an informed bid when considering an article at auction if you do not have a reasonable opportunity to inspect the goods?

In a situation where the seller does not have an obligation to disclose the quality of goods sold at auction, then how is it possible to make an informed bid?

In respect of goods sold at auction, I do not know the law in any country other than Australia. In Australia the fine print of auction catalogues are hedged with so many caveats and qualifications that even in a case where an auctioneer misrepresents what is being sold, any court action is likely to fail, and for items of small value, would in any case be a waste of time and of throwing good money after bad.

What is small value? I would guess that in this sort of situation the concept of "small value" might be something in the order of under $100,000.

I would assume, perhaps incorrectly, but logic tells me that this would not be an incorrect assumption, other countries across the globe have similar laws governing sale by auction as does Australia.

If we buy at auction in the absence of personal inspection of the goods to be sold, we are gambling. It is that simple.

I believe I would have a better chance of coming out on top by backing racehorses than by buying at auction in a situation where I could not personally inspect what I intended to bid on.

20th December 2019, 07:06 PM	#25
A. G. Maisey Member Join Date: May 2006 Posts: 6,989	Jean, to my mind this is the key question:- What steps do you take to make an informed bid when considering an article at auction if you do not have a reasonable opportunity to inspect the goods? In a situation where the seller does not have an obligation to disclose the quality of goods sold at auction, then how is it possible to make an informed bid? In respect of goods sold at auction, I do not know the law in any country other than Australia. In Australia the fine print of auction catalogues are hedged with so many caveats and qualifications that even in a case where an auctioneer misrepresents what is being sold, any court action is likely to fail, and for items of small value, would in any case be a waste of time and of throwing good money after bad. What is small value? I would guess that in this sort of situation the concept of "small value" might be something in the order of under $100,000. I would assume, perhaps incorrectly, but logic tells me that this would not be an incorrect assumption, other countries across the globe have similar laws governing sale by auction as does Australia. If we buy at auction in the absence of personal inspection of the goods to be sold, we are gambling. It is that simple. I believe I would have a better chance of coming out on top by backing racehorses than by buying at auction in a situation where I could not personally inspect what I intended to bid on.