Reservations about auction practice
The practice of quoting estimates below a reserve is utterly beyond the pale and in direct contravention of the RICS Guidelines that is the bible of the industry. Any auction house carrying out this practice should be reported to the RICS and publicly named and shamed.
I’m confident that the vast majority of my colleagues in the industry would agree and your article Can you trust guide prices? ( CCW, 25 May) can only highlight the fact that the recent proliferation of vehicle sales by outfits jumping on the bandwagon is built on very dodgy ground indeed.
I echo the sentiment of Richard Hudson-Evans - buyers, walk away! Talk to an auctioneer before bidding, the only things we cant tell you are the actual reserve figure as that is confidential between seller and auctioneer, and the seller’s identity.
Reserves should always be at or lower than the bottom estimate! Jeremy Curzon, Cheffins Auctioneers