Being a bit late at night in Aus and probably one too many of the Diplomatico Reservas under my belt, i bid on a car at auction there in the UK.. And subsequently won the bid.
So nothing new about this so far...
My bid.....was just below estimates of 18 to 22k, but it turns out also below vendor reserve.
So it's a provisional winning bid. Again, so far so good.
But it's occurred to me that, now as I've not heard from the auction house, obviously the vendor is furiously trying to flog the car for a higher price anywhere they can, before they succumb to my bid.
Which raises two concerns...
1. As it is covid affected auction I'll need to check car is at auction premises as I'd not like to think it's being driven back and forth and given a right thrashing to prospective buyers and
2. Just how long should the auctioneer reserve the right for the vendor to solicit better offers, whilst i remain obligated per my bid?
Not a great drama.... Just interested to know if anyone has an understanding of auction house protocols in keeping bids open.
(i suppose i should read the auction house literature!)
So nothing new about this so far...
My bid.....was just below estimates of 18 to 22k, but it turns out also below vendor reserve.
So it's a provisional winning bid. Again, so far so good.
But it's occurred to me that, now as I've not heard from the auction house, obviously the vendor is furiously trying to flog the car for a higher price anywhere they can, before they succumb to my bid.
Which raises two concerns...
1. As it is covid affected auction I'll need to check car is at auction premises as I'd not like to think it's being driven back and forth and given a right thrashing to prospective buyers and
2. Just how long should the auctioneer reserve the right for the vendor to solicit better offers, whilst i remain obligated per my bid?
Not a great drama.... Just interested to know if anyone has an understanding of auction house protocols in keeping bids open.
(i suppose i should read the auction house literature!)