Seanad debates

Wednesday, 28 May 2003

Auctioneering Profession: Motion.

 

There is a question I would like somebody who is more closely associated with the auctioneering profession than me to answer. How can an auctioneer lose money? What risk is involved in auctioneering? Auctioneers do not buy property and then sell it; they facilitate transactions. Unless an auctioneer takes options – which most of them do not have to do – I do not understand how he or she can lose money. The vendor must pay for all the advertising. There is a guaranteed percentage of the price and, therefore, the auctioneer has a vested interest in manipulating the price to maximise his or her return. That is understandable and it is part of a functioning market economy. It is, however, an astonishing commentary on our unwillingness to allow genuine markets in a range of areas that a motion of this nature is only being discussed at the end of six years during which the auctioneering profession, among others, has cleaned up. It has done so not because of its diligence, efficiency or innovation, but simply because it happened to be in place at the right time. It is not good that people are rewarded just because they happen to be in a particular position, rather than as a result of something they do that merits that reward.

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