Mike Brandly, Auctioneer
Are “anonymous” buyers real buyers?
The so-called “hammer” falls at an auction, and the property (car, firearm, airplane, truck, tractor, artwork …) is sold to … who? ...
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Mike Brandly, Auctioneer
Feb 1, 20213 min read
Auction crowd size, wallet size
Auctioneers always want a big crowd — the number of people standing there and/or the number of bidders registered online. Generally, bid...
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Mike Brandly, Auctioneer
Jan 22, 20213 min read
An obligation to disclose?
Auctioneers are fiduciaries for their sellers or consignees. Auctioneers owe clients (principals) obedience, loyalty, disclosure,...
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Mike Brandly, Auctioneer
Dec 3, 20202 min read
Conflict of interest and net listings
Auctioneers work primarily as agents and for clients (principals) in performing their duties. As such, they would owe loyalty to those...
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Mike Brandly, Auctioneer
Nov 20, 20202 min read
Bidders won’t bid past disclosed reserve?
Some auctioneers are telling me that if they disclose the reserve on a property, bidders won’t bid beyond the reserve. I don’t believe...
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Mike Brandly, Auctioneer
Nov 12, 20203 min read
The “Prudential Rule” and “as is”
The Texas Supreme Court heard the case of “Prudential Insurance Co. of America v. Jefferson Associates, Ltd., 896 S.W.2d 156 (Tex. 1995)”...
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Mike Brandly, Auctioneer
Nov 9, 20203 min read
“Most sellers” & reserve prices
I read that “most sellers” are not going to stick to a reserve price — in other words, a seller will say he needs at least $775,000 but...
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Mike Brandly, Auctioneer
Oct 29, 20202 min read
What page should that be on?
It’s interesting to me that terms and conditions — particularly for real property auctions — keep getting longer and longer. ...
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Mike Brandly, Auctioneer
Oct 26, 20203 min read
Possible liability for nondisclosure
Some states and some courts have adopted the Restatement (Second) of Torts § 551 (1965) and as such § 551. Liability For Nondisclosure. ...
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Mike Brandly, Auctioneer
Oct 16, 20202 min read
Providing as much information as possible?
Do auctions work better when sellers provide as much information as possible about what they are selling? Two American economists who...
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Mike Brandly, Auctioneer
Sep 4, 20202 min read
Sotheby’s BP increase? Or not?
Sotheby’s announced recently they were instituting a new “Overhead Premium” of 1% on the hammer price to cover: The overhead costs...
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Mike Brandly, Auctioneer
Aug 7, 20202 min read
Clear title at auction
Bidders have a right to assume whatever they are buying at auction has clear title. What do we mean by that? That the subject property...
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Mike Brandly, Auctioneer
May 26, 20203 min read
As-is with inspection or return policy if not
First, let’s define some terms here: Express warranties are statements of fact and/or promises that the property will conform to the...
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Mike Brandly, Auctioneer
May 12, 20202 min read
“As-is” and the right to inspect
However, what are the implications? While you’re basically hearing crickets on that, let me tell you … the ultimate buyer has the right...
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Mike Brandly, Auctioneer
Apr 20, 20202 min read
Coronavirus & auctioneer disclosure
There are those who say, “No, that doesn’t need to be disclosed” and would further argue that you as a buyer aren’t even entitled to...
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Mike Brandly, Auctioneer
Mar 12, 20202 min read
Ritchie Bros. & buying with (more) confidence
Ritchie Bros. held their first auction in 1958 in Kelowna, BC, Canada. Ken, Dave and John conducted their first of many to follow...
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Mike Brandly, Auctioneer
Feb 28, 20203 min read
10 things to know when attending your first live auction
Some people have never been to a live auction. Today we discuss 10 (ten) things to know when attending your first auction: Check the...
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Mike Brandly, Auctioneer
Feb 20, 20202 min read
We’re going to auction the safe … unopened?
We wrote in 2013 addressing if the “known” or the “unknown” sells better and concluded that the circumstances matter: ...
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Mike Brandly, Auctioneer
Jan 21, 20202 min read
Auction buyer wants to remain anonymous
Our question today is “Why would an auction buyer want to remain anonymous?” There could be a myriad of reasons: Security. More...
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Mike Brandly, Auctioneer
Jan 6, 20202 min read
Is all auction advertising good news?
I almost assume since all this auction information is listed, it’s all good news. However, is it always good news? Let’s look at a...
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