Mike Brandly, Auctioneer
“With” or “without” reserve
Auctions are by default “with reserve” unless explicitly denoted as “without reserve” in 49 states. In Louisiana, it’s the opposite, as...
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Mike Brandly, Auctioneer
May 17, 20232 min read
Reserve auction needs reserves?
The argument for with reserve auctions goes like this: The high bids on lots were below market value, and as such, the reserve auction...
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Mike Brandly, Auctioneer
Jan 3, 20232 min read
Auctioneer reserves the right to reject any bid?
More specifically, “Auctioneer reserves the right to reject any bid from any bidder?” We would ask, does “bidder” mean “registered...
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Mike Brandly, Auctioneer
Dec 24, 20223 min read
Auction bright lines and a noteworthy footnote
We’ve written before that denoting an absolute auction requires the use of “absolute” or “without reserve” — and no other words do so —...
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Mike Brandly, Auctioneer
Dec 12, 20222 min read
What makes any auction work?
What makes any auction work? We’ve held well over our entire career that a successful auction must have the “prospect of a deal” along...
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Mike Brandly, Auctioneer
Nov 4, 20222 min read
Regardless with a suggestion?
We’ve sold an immense amount of property at auction — absolute to the highest bidder. In other words, those sellers (clients) had the...
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Mike Brandly, Auctioneer
Oct 27, 20222 min read
Absolute auction? Nope.
Yes, this was the claim. For any auction — once a bid is placed — that constitutes a minimum bid that the next bid must exceed. As...
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Mike Brandly, Auctioneer
Oct 3, 20224 min read
Courts interpreting “explicit”
We’ve held that a “bright line” defining when an auction is absolute or without reserve is horrible for the auction industry. What is...
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Mike Brandly, Auctioneer
Sep 26, 20223 min read
Absolute auctions and “de minimus”
Absolute auctions, by definition, involve selling to the highest bidder. So, if an auctioneer has a current bid of $750,000.00 and a...
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Mike Brandly, Auctioneer
Sep 23, 20222 min read
Using “absolute” to define a reserve?
Where in the United States can an auctioneer legally say, “This is selling absolute over a minimum bid of …?” The answer? Nowhere in...
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Mike Brandly, Auctioneer
Sep 20, 20223 min read
Explicit bright lines and auction malpractice
In a recent case before the Supreme Court of Virginia, parties discussed when an auction is with reserve and when it is without reserve,...
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Mike Brandly, Auctioneer
Sep 19, 20223 min read
Types or versions of auctions?
Yes, we’ve held for as long as I have been in the auction business that there are two types of auctions: With reserve and without...
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Mike Brandly, Auctioneer
Sep 12, 20223 min read
A fixed amount of buyer’s premium?
Abby decides to attend in person an absolute (without reserve) simulcast auction as there are some items that interest her. She drives...
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Mike Brandly, Auctioneer
Jul 8, 20223 min read
Is a with reserve auction better for the seller?
Auctioneers often ask if there is any “proof” absolute auctions produce the highest prices for sellers. While there isn’t a consensus of...
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Mike Brandly, Auctioneer
Jul 4, 20224 min read
Seller wants to (should) sell absolute …
Our question today is: “Would an auctioneer accept a seller’s property for auction and sell it absolute if the seller requested such?” ...
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Mike Brandly, Auctioneer
Jun 27, 20222 min read
Your seller “seeing the market?”
Many auctioneers have told me that their favorite type of “with reserve” auction is a seller-confirmation auction — a right to accept or...
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Mike Brandly, Auctioneer
Dec 20, 20213 min read
Absolute, but we might not close
There’s no better way to maximize price at auction than selling at absolute auction. What is an absolute auction? It is the genuine...
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Mike Brandly, Auctioneer
Oct 14, 20213 min read
Seller bids to raise prices, not to retain title
The UCC § 2-328 has a prescribed solution to solve a seller bidding without disclosure. Basically, the high bidder (the buyer) may void...
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Mike Brandly, Auctioneer
Oct 13, 20213 min read
You don’t conduct absolute auctions?
Auctions are of two distinct types: “With (some sort of) reserve, or without (any such) reserve, also known as “absolute.” Sellers who...
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Mike Brandly, Auctioneer
Aug 9, 20212 min read
Sell absolute and end up in court?
I hear this on a somewhat regular basis … “Don’t hold absolute auctions so you can stay out of court.” I’m certainly aware some of the...
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