Mossgreen

Australia gains three new auction houses as specialists go it alone in Melbourne

The Auctioneers and Valuers Association (AVAA), a trade body representing Australian auction houses, has called for client accounts to become a compulsory legal requirement in the country.

The administrator BDO’s report into the collapse of Mossgreen has recommended that the Australian auction house’s former management be investigated by the Australian Securities and Investments Commission (ASIC) over possible criminal activities.

Consignors to collapsed Australian auction house Mossgreen will not have to pay fees to have items returned, a Sydney court has ruled.

Two businessmen from Auckland have rescued New Zealand auction house Webb’s from administration after the collapse of parent company Mossgreen.

Clients of the collapsed Australian auction house Mossgreen are preparing to challenge the fees being demanded by firm’s administrators to collect their own goods.

The Australian professional auctioneering body has called for all auctioneers to introduce client accounts – known as trust accounts in Australia – to avoid a repeat of the grim situation at failed firm Mossgreen.

Paul Sumner’s hopes of a restructure of Australian saleroom Mossgreen melted away last week after his proposed investment plan failed and the administrator began winding down the business.

Around 400 people and businesses are owed money by Australian auction house and gallery firm Mossgreen after it went into administration in December.

As auction houses expand their specialist sales programmes, separate departments can also develop if the volume of business is worth it. Not many have a dedicated single-owner department, however.

One of the highlights of Mossgreen’s sale of Decorative Arts to be held in Armadale, Melbourne, on May 8-9 is this 11in (26.5cm) diameter 17th century terrestrial table globe with its original mahogany cradle.