Your complete auction guide
LEARN ABOUT THIS VIBRANT INDUSTRY FROM BOTH SIDES OF THE GAVEL
Auctions have boomed in popularity in recent times, but so have scams.
In a first for the industrial and financial sectors in the country, the South African Institute of Auctioneers (SAIA) has launched a series of programmes aimed at demystifying the auctioneering industry and making it more accessible to buyers, sellers and those who are interested in joining this vibrant industry.
The series of video podcast interviews are presented by SAIA board member (head of the public relations and marketing committee) and auction specialist Lufuno Ramoyada, pictured, and TV host Chidi Edeh of Invenclick Media. They cover nearly all aspects of auctioneering, from the legal requirements of a sale, to scams, tips and tricks of the trade and other industry insights, presented by some of the country’s foremost auctioneers.
“The more people know about the industry the more likely they are to participate and benefit from the many advantages the industry has to offer,” says Ramoyada.
“For example, companies can gain quick access to cash by selling unwanted assets, buyers pay less for assets they need and vibrant career opportunities await those that want to join the industry.”
He explains that auctions have boomed in popularity in recent times, with more bidders getting involved, both in person and online. This is partly due to the tougher economic climate and Covid-led technological advancements which have enabled easier access and professionally maintained online auction platforms.
Unfortunately, the boom in popularity has also attracted the attention of scammers and the series carefully documents and addresses scams and ways of preventing becoming a victim.
Edeh says the series is educational and entertaining.
“I knew very little about the industry and after filming the series am absolutely enthralled by it. Auctioneering is vibrant and each personality we interviewed has great stories to tell.”
The podcasts are the latest in a series of initiatives launched by SAIA to assist consumers.
Other projects include the maintenance of a comprehensive information website with upcoming auctions, hotline to identify active members of the institute and scam alerts.