The record-breaking auction group, Bond Wolfe Auctions, has cancelled it’s upcoming May sale in response to the COVID-19 pandemic.
Commenting on the decision, Chief Executive Officer Gurpreet Bassi said: “The health and safety of clients, staff and the wider public are at the forefront of our decision and a priority over our commercial objectives.
“While we are fully able to operate a ‘remote bidding only’ auction or even a full online sale, it is doubtful that we would achieve the best possible price for our vendors.”
With the government’s lockdown in full-effect, the property sector at all levels has effectively shut down, making surveys on properties an impossible task.
Mr Bassi adds: “Additionally, it is completely unreasonable for us to expect potential purchasers to buy property without the possibility of carrying out their full due diligence to include internal viewings and surveys.
“We feel that by putting properties on the market, it would encourage people to flout the lockdown and social distancing rules, even if only to go and inspect a property externally, as this would be impossible for us to police.”
The decision to cancel May’s auction comes after Bond Wolfe Auctions achieved record results in their previous sale in February; raising £20 million with 200 lots sold.
Mr Bassi added: “It is disappointing for us as a business, as we are on a roll, but it is absolutely the correct decision… after considerable deliberations with management and staff, and in the best interest of achieving positive results for our valued clients we have taken the difficult decision to cancel our May auction.”