CONDUCT BECOMING
Many auction houses think that it’s time a code of conduct was introduced
‘The public puts a lot of trust in an auction house’
With more and more enthusiasts using auctions for buying and selling their classics, it’s inevitable that some will feel some uncertainty about just what the auction process involves, and how protected they are.
The idea of a classic auction code of conduct has been around for several years, now, and many auctioneers are keen to show that they are on the side of both buyers and sellers.
‘ We appreciate that buying a classic at auction can sometimes be a bit of a daunting prospect, especially for those new to the auction process, so we work incredibly hard to provide the very best experience throughout the entire process for both buyers and sellers alike,’ says Classic Car Auctions’ auction manager, Gary Dunne. ‘ We try to make things simple and keep everyone fully informed, so we have a dedicated and secure client account. We act in the best faith and fulfil our obligations honourably.
‘Reflecting this commitment, we’re already voluntary members of the Society of Fine Art Auctioneers and Valuers. It’s important that buyers and sellers have confidence in a transparent industry, so I’m sure that if a code of conduct for classic car auctioneers were developed, we’d look to support the initiative.’
Gary is by no means alone in his views. Says Historics’ auctions director, Edward Bridger- Stille: ‘The public puts enormous amounts of their money and trust into an auction house when acquiring a classic car, so it makes complete sense for auction houses to abide by a set of robust, non-optional guidelines that ensure financial probity, integrity and honesty can be relied upon. Any institution with nothing to hide should welcome a code of conduct that regulates behaviour.
‘This should allow customers to be able to trust results, descriptions and their internal banking procedures, as well as have the ability to complain and expect redress if guidelines have been breached. It applies to banks, insurance companies, schools and even hospitals and it is high time we offered a similar level of security.’
South Western Vehicle Auctions boss, Chris Holmes, goes in hard when it comes to handling clients’ money. He says: ‘I prefer the wording “code of practice”. As I was chairman of the Society of Motor Auctions many years ago, I think its code of practice could be a starting point for the classic auction houses. We could add or subtract whatever is deemed reasonable.
‘A couple of points I would like to see there would be that classic auction houses have a separate clients’ account and that auction houses should not be involved in buying and selling for their own profit.’