SIR: Government agencies all over the world have found the auction method of marketing to be the fairest and most effective way to dispose off excess inventory, unserviceable equipment, seized and confiscated property.

For instance, the government of the United States of America is the most prominent user of the auction method of marketing in the world. It auctions everything, from money and bonds, to real estate.

Its agencies sell billions of dollars of real and chattels property each year. All major newspapers carry advertising for auction of a wide variety of property offered by the federal, state and local counties in America.

In the U.S. also, government agencies sell surplus equipment, gas and oil leases at auction. Local counties and municipalities sell unclaimed cars, bicycles and any other merchandise at auction. 

Even the U.S. Customs Services engage the services of auctioneers to dispose of millions of dollars worth of seized properties. The U.S. Marshalls Service, General Services Administration (GSA), Department of Trade, Agriculture, Treasury Management, Land Management, Internal Revenue Services, Housing and Urban Development among others organisations across the federal, state and local government agencies in the United States of America.

As a matter of fact, some of the organisations employ full-time auction staff and have auction departments apart from using private auction companies. The scope of seizure and disposal of property, particularly in U.S. Customs Services, Marshall, Sheriff Services and other enforcement agencies alone, employ more than a thousand auction companies in the private sector.

Nigerian government should embrace auction and its advantages as it allows buyers to compete with each other to get the best price for an item. It also helps to determine the market value of an item by establishing the price that buyers are willing to pay. 
Adeleke Hassan is the registrar/CEO, Certified Institute of Auctioneers of Nigeria.