MADAM – I read with interest the recent article by Milton Silverman discussing a bidding contest in Europe (A lawyer writes, ATG No 2327).
As an auctioneer, I sell on many occasions ‘subject to owner’s consent’, where the offer is short of the reserve price.
This gives an opportunity for both sides to ‘make a deal’, but that object cannot be offered elsewhere and the transaction must be completed within 48 hours.