Do Your Homework Before Bidding

A recent Federal District Court decision in Illinois should be of serious concern to auction bidders. If it stands, we might all have to take a full coterie of mechanics and consultants with us to each auction.

Our plaintiff, “Ted,” was a successful bidder at a 2011 auction. (“Legal Files” won’t identify the auction company because, as will be explained later, it isn’t particularly unique in this regard.)

Ted purchased a 1967 Corvette 427/435 coupe at a hammer price of Read More

John Draneas

John Draneas - SCM Columnist

John practices law in the Portland, OR, suburb of Lake Oswego, where he focuses on tax and estate planning, business organizations and transactions, and representation of collector-car owners. He is a past president of the Oregon region of the Porsche Club of America and served as the chairman of the PCA’s 2006 parade. His collection includes two Porsches, a Ferrari, an Alfa, a Lotus, a BMW daily driver, a John Deere tractor — and one increasingly famous Jaguar E-type. This month’s “You Write, We Read” on p. 20 is full of SCMer advice on whether Draneas should restore his Jag.

Posted in Legal Files