How to deal with auction-like transactions
- by admin
The Israeli auction house Agoda auctions off its inventory and keeps its inventory on the premises until it finds a buyer.
But the auctions are also a potential source of trouble for Israelis who want to sell their belongings, particularly after a string of high-profile cases in which people have been caught red-handed selling items they shouldn’t.
What to know about auctions: The auction houses are regulated by a separate law, but the government does not regulate them, the Ministry of Economy and Trade said.
The law requires auctions to be conducted in a “peaceful manner” and the sellers to be vetted.
Agoda said it follows the law, which allows auction houses to “prohibit, in addition to the sale of goods, the sale or transfer of any title to goods.”
“Agoda takes the matter very seriously and we have been conducting a thorough review of the legislation, and we are confident that we are in compliance with all the applicable laws,” a spokesperson said.
“If a seller violates any of these laws, we are obligated to take immediate legal action,” the spokesperson added.
According to the Ministry, there are two types of auctions: one in which the auction house decides the sale, and one inwhich it bids for it.
The sale of property is legal in Israel if the buyer has not violated any law, the ministry added.
Auction houses in Israel are required to have a minimum of two buyers for each auction, and sellers must have their properties listed on the websites of the auction houses.
After an auction, buyers must pay a deposit, but there is no requirement to sell the items they bought.
But Agoda has not been a reliable source of funds for those auctions.
In August, it was revealed that it had been trying to raise $30 million by selling off its own inventory in a bid to avoid losing the auction.
Agoda has a history of violating the law.
In 2010, the Jerusalem Post reported that it was found to have been using fraudulent auction-style auctions in which its staff bought up lots from other auction houses and sold them at prices higher than those they were worth.
It also had a history in 2005 of illegally selling its own property.
A 2009 article by the Jerusalem newspaper Haaretz detailed the “black market” auctions that took place between 2007 and 2010 in which auctions were held at Agoda’s Jerusalem headquarters, and in which auctioneers were paid from Agoda profits.
Israeli police and the police commissioner’s office are investigating a series of auctions in Israel in which property was sold at inflated prices.
(Reuters)In 2013, Agoda was found guilty of fraudulently selling off property in a scam that was uncovered by the police.
An investigation by the ministry revealed that the Israeli auction houses were taking in a total of approximately $9 billion from the sale and use of auction property.
The ministry is also considering imposing fines of up to 10,000 shekels ($12,600) on auction houses that fail to follow the rules.
There is no limit on the amount of money that can be taken from auction houses by the authorities.
While some auctions in the past were conducted without prior approval by the minister, those auctions have since been suspended.
Police are investigating some auctions, including one conducted in 2012 in which a seller of property sold his home for $50,000, the Haaretz report said.
The Israeli auction house Agoda auctions off its inventory and keeps its inventory on the premises until it finds a…