Un-ethical Auctioneering?
Recently my dad attended an auction bidding for some land that was for sale beside our house. It started at €90k and soon after he was bidding against one other unknown party that were represented by a local solicitors firm.
Eventually he had to withdraw as the bid was exceeding €170k.
We have since found out that the solicitor was bidding on behalf of the auctioneer who handled the auction.
This is probably legal but does it contravene any ethical code?
The auctioneer is a member of the IAVI.
Any thoughts appreciated
Recently my dad attended an auction bidding for some land that was for sale beside our house. It started at €90k and soon after he was bidding against one other unknown party that were represented by a local solicitors firm.
Eventually he had to withdraw as the bid was exceeding €170k.
We have since found out that the solicitor was bidding on behalf of the auctioneer who handled the auction.
This is probably legal but does it contravene any ethical code?
The auctioneer is a member of the IAVI.
Any thoughts appreciated
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