RICHARD BARNETT, MARKETS EDITOR
If last week’s CCW cover story is anything to go by the idea of a classic auction code of conduct seems to be gaining interest.
It’s a pleasing development to know that businesses – often rivals – have similar views and are keen to encourage customer confidence. The number of people buying and selling at auction are clearly happy with the service they receive, but there’s also a worry among the longer-established businesses that the newcomers might not necessarily be playing with such a straight bat.
Of course, competition is good, as it gives both buyers and sellers more choice. And more competition means lower premiums. But at what price does an auctioneer finance those lower premiums? A less informative website and fewer advertisements? A poorer quality catalogue? And then we need to get down to the all-important length of time it takes to pay the vendor.
A code of conduct should tidy things up and unite those otherwise rivals in making the classic auction movement even better than (most of) it is already. Who’s going to get the ball rolling?
‘A code of conduct should tidy things up’