News & Views

Can auctioneers ignore bids?

4 December 2017

Selective hearing? I only see or hear bids I want to? I only have to accept offers which are acceptable to me, regardless if they are higher than the current bid? There’s only one person in charge at an auction — the auctioneer?

It’s important for auctioneers to understand that first — they are typically agents for the seller (unless they are the seller,) and not ultimately in charge over the seller, but rather work for the seller. Secondly, without bidder/buyers, auctions can be lonely places.

What exactly does selling at absolute auction mean?

29 November 2017

The word “absolute” in regard to auctions legally means the subject property is selling without reserve. Without reserve means several things including no minimum bid, no seller confirmation, no right of withdrawal after a bid is placed …, no seller bidding, no “canvassing bidders” to see if we’re going to open the auction, and the like.

At auction, can we force sellers to sell? Buyers to buy?

22 November 2017

Auctions involve an auctioneer putting a seller (client) in contract with a buyer (customer) concerning the purchase of some property. That property could be a coin, gun, car, horse, real property or a myriad of other things.

Our subject today involves when there is a breach of contract (as an auctioneer has announced, “Sold!” — for instance) and then the seller refuses to sell or the buyer refuses to buy. What happens next? Can the seller pursue the buyer for civil or criminal damages? Can the buyer pursue the seller for civil or criminal damages?

Panchi Sayargyi U Thu Kha memorial 2017

10 November 2017

Held at the New Treasure Art Gallery in Yangon, Myanmar from Nov 11-18, the show will be showcasing artworks by various artists in memory of painter U Thu Kha (1918-2007). 

The funds from the memorial art exhibition organised by the Panchi Sayargyi U Thu Kha Foundation will be contributed to the arts community. 

The show opens on Nov 11 at 11am. 

Gallery opens daily from 9am-6pm. 

Re:Generation

7 November 2017
L-R: Jodi Tan Still Life 66, 2017; Justin Lim, The Drift Project II Innocence 3, 2017; Yeo Jian Long The Map of Lost Stars, 2016

 

The Re:Generation show by Next-Gen artists will be held at The Fullerton Hotel Singapore in conjunction with the 90th anniversary of the historic building.

Curated by ​THEO Arts Professionals, the exhibition will be from Jan 10-Feb 27.

US$66.5mil achieved at Sotheby's HK Fine Chinese paintings autumn sale

5 October 2017

“The two highly anticipated lots by Li Keran and Fu Baoshi transcended expectations today and scaled exceptional prices after rounds of fierce bidding", commented C.K. Cheung, head of Sotheby’s Chinese paintings Department after the Sotheby's Hong Kong Fine Chinese Paintings Autumn Sale which totalled HK$520mil or US$66.5mil.