colin young

Classic Car Weekly (UK) - - News Analysis -

MaN­aG­iNG Di­reC­Tor of GolD­iNG, youNG, aND MaWer, aND reG­u­lar oN BBC Tv pro­GraMMe Bar­GaiN HuNT

‘From my point of view, it’s wrong to have a re­serve price above a lower es­ti­mate price. In fact there was a test case on this very is­sue in 1997. There was a vi­o­lin at an auc­tion that was es­ti­mated to sell for be­tween £500-700. It had a re­serve of £400. Be­fore the sale, the owner of the vi­o­lin put the re­serve price up to £3500. The per­son who bid on the vi­o­lin for more than the lower es­ti­mate didn’t get the item, and took the auc­tion­eer to Trad­ing Stan­dards. And won. To me, this ex­am­ple makes what some auc­tion houses are do­ing im­moral – if not il­le­gal. There is a self-reg­u­lat­ing body for val­uers and auc­tion­eers, but as far as I’m aware only one of the ma­jor clas­sic car auc­tion houses is signed up. Any­one can set up an auc­tion house and not have to ad­here to any reg­u­la­tions.’

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