As in the estate agency world, the introduction of compulsory qualifications will weed out the untrained and the unqualified, and should lead to those who are left in the profession being more respected. This, therefore, is a good move on the part of the South African Institute of Auctioneers.
The regrettable publicity that blew up last year around the abuse of trust funds, the rigging of bids and the kick-backs paid to interested parties should not be allowed to tarnish the industry as a whole.
It has to be recognised that there are many auctioneers who, over the years, have quietly performed ethically and put their clients' interests first. Sadly, they are now all tainted by the recently acquired bad image of the industry, but any suspicions about them are, in nine cases out of 10, undeserved and unjustified. It has, as always, been one or two high-level glamour operators who have let the side down - the ordinary operators who probably handle 80% of the work continue as before to give service on an ethical foundation.
I also welcome the news from the institute that, again as in the estate agency sector, previous experience will be taken into account and will count towards the auctioneer's professional qualifications - even if he is a rookie.
During the last few years, we have seen highly qualified legal, accounting, commercial and other staff moving into auctioneering - because it is more exciting and possibly offers better rewards than more mundane jobs. Obviously their experience has to count in their favour and be recognised.
In the tightening up of the whole auctioneering sector, it should be the handling of liquidated assets that receives the most attention.
All too often, when an individual or a business is declared bankrupt, the previous owner or manager drops completely off the scene, leaving the liquidators to act very much as they see fit. This can, I suspect, lead to an abuse of the trust given to them - and to the estate's assets not realising the true market value when they are sold off. Allegations here have been rife, but are very difficult to prove. However, the fact remains that liquidated assets often appear to be sold at ridiculously low prices and this is the matter that the regulators must now look into.
