Ethics of bidding on family item at auction

[slightlyrounded]

I’ve had a bit of a situation come up and need some advice. My grandfather recently passed away and left the estate a considerable high end book collection. Most of these books have now been liquidated but a couple of the very high end books are being put up for auction. Because there are several family members that stand to benefit from the proceeds I didn’t want to approach my family with an offer. But I am in a financial position to purchase at least one of these items for sentimental reasons.

Does anything preclude me from bidding ethically speaking? Are there any steps I should take prior?

Thanks in advance!

[butchie_t]

The following is just my opinion. I am not a lawyer.


First off, approach the executor with the lawyer present and discuss your intentions.

Be up front with them and tell them of your intentions. Ask the group if they would consider a purchase. Don’t take any of the estate proceeds from the sale.

Most all be open and honest.

Regards,

Butch

[SteveS]

First of all, my deepest condolences on the loss of your grandfather.

As for the auction, are you someone who would receive any benefit from the estate as a result of the auction proceeds? If not, there shouldn't be any conflict. You're in the same position as any other bidder. However, it's a delicate situation nonetheless. Perhaps there's a way you can explain it to the other family members and purchase it for a fair price before the auction and have that item pulled, if it's not too late.

[oldjudge]

Explain the situation to the auction house and ask them if they have an issue with you bidding. My guess is that they will not have one if in fact you are trying to win the lot.

[JustinD]

If you are a member of the estate trust that consigned it, then I would follow the previous info.

If not, you are not obligated to talk to anyone as you are not the consignor and I think you should bid away. I don't see a conflict personally bidding on something you want if you are not benefiting from the sale.

[boysblue]

I attended a live auction many years back and a desirable sports card was about to be auctioned. Prior to the start of the bidding, the auctioneer told the crowd that he wanted to own the card and planned to bid on it. He asked if anybody had issue with that. Nobody did. He ended up going back-and-forth with another bidder, simply pointing to himself when it was his turn to bid. In the end he won the card and many in the auction hall applauded, perhaps partly because of his transparency and honesty.

Good luck in acquiring the book.

[Aquarian Sports Cards]

If you are bidding with an honest intent to win those items it's often the easiest way to do things rather than trying to make an accommodation with the estate.

Any bidder who is trying to win something for the purpose of possessing it is acting ethically.

It's actually a common occurrence in estate situations, that and multiple people wanting the same heirloom. In auction school the instructors almost drool when describing the times they had multiple family members fighting over the same item of high sentimental but low retail value.