As the CEO of Australia’s largest auction market I feel it is my duty to comment and to reassure both existing and prospective clients that recent events are the exception rather than the norm in the auction industry.
In Leonard Joel’s 90th year I was entrusted with the re-positioning of Melbourne’s oldest auction house and nine years on, we maintain our carefully planned, strategic growth and continue to operate a robust, relevant and sustainable business model.
We strongly believe that what happens after the auction is just as important as what happens before the auction.
Account Management within the Auction industry in Victoria and NSW is not regulated by statute, unlike the legal and real estate industries. This means that auctioneers cannot operate a Trust Account in the legal regulated sense. What they can do, is operate a separate Client Account. Leonard Joel has operated a separate Client Account for 99 years, and combined with the policy of never extracting anything but our fees and charges from this account, it ensures client funds are both respected and protected.
This is a matter of principle for me and all who work at Leonard Joel and is also, in my opinion, the only way to operate a business in the 21st century.
I will be distributing an email to all Leonard Joel clients next week, outlining my advice for those considering buying or selling at auction, and to invite questions from any clients who have concerns.
In the meantime, I hope you enjoy the March issue of Leonard. It’s another busy month at Leonard Joel!
JOHN ALBRECHT, MANAGING DIRECTOR LEONARD JOEL