Auction

Bjørn á Heygum was appointed auctioneer for the Faroe Islands in 1986 by the Danish Ministry of Justice (authorization).

The auctioneer has the sole and exclusive right to sell personal properties – (except registered ships and aeroplanes) – at an auction in the whole country, at a compulsory sale as well as at a voluntary auction.
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The course of an auction is like this: After an execution has been levied on personal properties, the lawyer applies for an “authorization” from the bailiff´s court in order to be able to sell the item in question at an auction.

After having received the permission, the auctioneer is requested to advertise the item for sale on the first coming auction.

Usually the auctioneer gathers together a suitable number of items, upon which he puts an advert into the paper advertizing all the items for sale at the same auction with a warning of at least 14 days as stipulated in the regulations.

The rules for the auction say that all items are sold as they are and as inspected on the spot without any responsibility for the auctioneer.

A bid at an auction means that all expenses are included such as VAT and auction costs etc. It is up to the auctioneer to decide lowest bid and higher bid. After the last bid has been announced three times without any higher bid being made, the item is knocked down to the person in question.

The items are sold only on a cash basis, i.e. payment against ready money, by cheque or cash card. In exceptional cases the auctioneer accepts selling items to a customer on condition that he can provide a bank guarantee, but only when it is a question of larger items.

The whole thing is attended to on the spot, and the items have to be picked up then and there at the buyer´s own expense.
  Description: Selling day