Mike Brandly, Auctioneer
A “standard” buyer’s premium?
I’m guessing that the word, “standard” is being used in this manner to mean usual, common, or customary. Yet, is the buyer’s premium any...
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Mike Brandly, Auctioneer
May 5, 20113 min read
How long does an auctioneer have to accept a bid?
Simply put, bidders offer an amount to the auctioneer and the auctioneer then accepts the offer if it exceeds the prior bid amount. Bids...
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Mike Brandly, Auctioneer
Apr 25, 20112 min read
Proverbs 20:14 at auctions?
Bidders at auctions behave in all kinds of ways. From very serious buyers to others who just come to watch. Our subject today regards one...
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Mike Brandly, Auctioneer
Apr 24, 20113 min read
Auctioneer commission is only half the picture
Jonathan K. Wu wrote about this concept in his article titled Seller Revenue & Sales Commission in 2008. Let’s say Gina is comparing 5...
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Mike Brandly, Auctioneer
Apr 21, 20113 min read
The initial bid at an absolute auction
While it is important to note that a few of those states have slightly modified that same state law, all those states basically operate...
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Mike Brandly, Auctioneer
Apr 19, 20112 min read
Selling choice in an absolute auction?
However, combining an absolute auction with selling choice brings us to an interesting legal question. Our question today regards the...
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Mike Brandly, Auctioneer
Apr 9, 20113 min read
Auctioneers and appraisal fairs — the age of items
For auctioneers who conduct such events around the country, this allows schools, churches, and other organizations an opportunity to earn...
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Mike Brandly, Auctioneer
Apr 8, 20112 min read
Bid calling calories
Auctioneers who bid call expend energy, and therefore bid calling does burn calories — but how many? It appears no formal study has been...
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Mike Brandly, Auctioneer
Apr 2, 20115 min read
The net effect of the buyer’s premium
Since Christie’s and Sotheby’s introduced the buyer’s premium in 1975 in England, and soon after (1977) in the United States, the buyer’s...
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Mike Brandly, Auctioneer
Mar 31, 20112 min read
Can auctions be hypnotizing?
I’ve wondered if this is actually what’s going on at auctions … In fact, there is substantial evidence that humans enter into a light...
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Mike Brandly, Auctioneer
Mar 29, 20112 min read
The faster you sell them …
“The faster you sell them, the better prices are.” It seems valid that during an auction, the faster the pace — the better — for several...
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Mike Brandly, Auctioneer
Mar 26, 20115 min read
With reserve auction choices
Auctions are distinctly one of two types in the United States: “With reserve,” or “Without reserve.” If you are considering a “with...
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Mike Brandly, Auctioneer
Mar 21, 20113 min read
Why is auction case law important?
First, a bit about what case law is in the United States. Case law is one of four sources of law in the United States, and probably the...
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Mike Brandly, Auctioneer
Mar 20, 20113 min read
The hammer price
More recently, with the advent of sales tax issues, buyer premiums, and other charges added to the final sales price, the term, “hammer...
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Mike Brandly, Auctioneer
Mar 18, 20113 min read
Unjust enrichment at auction?
It seems every so often a story makes the news such as this: The buyer found over $40,000 in $100 bills taped under the third drawer of...
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Mike Brandly, Auctioneer
Mar 14, 20113 min read
Is the buyer’s premium a service fee?
Given this argument, we could have a different result in the total due at an auction where a buyer’s premium is charged. For instance: A...
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Mike Brandly, Auctioneer
Mar 12, 20113 min read
Market gobbledygook
In fact, we coined the term, “prospect of a deal” to explain why people attend auctions. There is also the term, “market value” which is...
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Mike Brandly, Auctioneer
Mar 11, 20112 min read
Contagion encourages auction purchases
In Yale University’s study, it was noted that celebrities are well regarded, and people may experience positive emotions when they think...
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Mike Brandly, Auctioneer
Mar 9, 20114 min read
Guarantee & Split Auctions
This arrangement is known as a “guarantee and split” auction. In this type of agreement, the auctioneer guarantees an amount to be paid...
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Mike Brandly, Auctioneer
Mar 7, 20113 min read
How are auctioneers paid?
There are two parties to an auction. On the one side, there is a seller who typically owns the item, or otherwise represents the title...
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