All about auctions

Fanie Bielderman, Aucor senior executive

South Africa’s auctioneering market is poised for a shift as auctions grow in popularity over traditional retail sales platforms against a backdrop of credit ratings downgrades and news that the country has slipped into a recession.

We believe that a greater range and scope of assets will become available on auction as companies and individuals adapt to changing market conditions.

In addition, we are seeing a surge in the number of people attending vehicle auctions.

Auctioneering is the apex between supply and demand, so buyers often find bargains at better prices than retail purchases or private sales.

Online auctions are growing in popularity.

However, consumers are warned to do their homework: are the auctioneers CPA compliant, affiliated to professional bodies (Estate Agents Affairs Board and SA Institute of Auctioneers) and are you easily able to view goods on auction at bricks-and-mortar facilities?

With a commitment to transparency and corporate governance, an auction through credible auctioneers is a high value/low risk proposition.

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