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Advice regarding Postponement of Auction

Sale Type: Private Treaty Sale
Private Treaty Sale
A Sale by Private Treaty is a disposal, by negotiation or submission of an offer, subject to terms and conditions. Sales by this method are frequently used for the disposal of a single asset. Offers may (if indicated) be submitted via our website, or by the submission of formal documentation. The schedule and notices to purchasers for each sale will detail how and by when offers can be made.
Currency: GBP
 
We write to inform you that the online auction of Sporting Memorabilia and Collectables from the Tennis Career of Boris Becker has been postponed subsequent to the Trustees’ in Bankruptcy of Boris Becker agreement to a Consent Order.
 
This decision has not been taken lightly.  The recent publicity surrounding Mr. Becker’s bankruptcy and his status has led to concerns that the potential realisations from the auction may be compromised by the uncertainty caused by speculation.  
 
We would like to thank all parties that have registered their interest and have participated in the auction.  All registration details and bidding history will be retained and we will contact you when we receive further instructions.
 
Boris Becker was declared bankrupt on 21 June 2017. Mark Ford, Finbarr O’Connell and Gil Lemon, all of Smith & Williamson LLP, were appointed as Joint Trustees of the bankruptcy estate of Mr Becker on 21 August 2017.
 
Since being appointed, the Trustees have been working to ascertain the ambit of Mr Becker's bankruptcy estate, including extensive investigations to identify assets about which they were not informed; and the amounts of any further claims against him.  
 
Mark Ford, Joint Trustee to the estate of Boris Becker, said:
 
“Part of our role, as Joint Trustees, is to identify assets that could be used to generate returns for the benefit of all of his creditors.  Mr Becker has not disclosed to me to date where the majority of his more famous, and therefore higher value trophies, are located. Notwithstanding this, we have successfully accumulated upwards of 80 trophies and pieces of memorabilia.”
 
“In the performance of our duties, the Trustees instructed agents, Wyles Hardy, to auction the recovered trophies and memorabilia with the proceeds to be for the benefit of Mr Becker’s creditors.  This auction, which had long been planned for June 2018 so as to coincide with the lawn tennis season in the UK and thus to seek to maximise the  value of the items to be auctioned, had a viewing day on 20/06/2018 with the online auction set to end today, 28/06/2018.”
 
“Having discussed the forthcoming auction with our agents, we believe that recent events may have deflated potential realisations of the memorabilia, as bidders experience uncertainty resulting from Mr Becker’s newly made claims (which, for the avoidance of doubt, we believe to be wholly fallacious).  This is notwithstanding the fact that the auction had attracted very substantial bids - our experience is that, absent Mr Becker's intervention, last minute bids would have significantly increased the return for his creditors.   As officers of the court we look to obtain the best possible return for creditors and so yesterday we accordingly agreed to the temporary adjournment of the auction so that Mr Becker’s claims may be dealt with before the court.” 
 
“In turn, Mr Becker has provided an undertaking as to damages and costs associated with this very late request to postpone the sale, such damages to include compensation for the cost of having to subsequently re-run the auction; and also for the prospect of a lesser return being generated if the postponed auction occurs at a less optimum time of year.”
 
“It is hoped that the additional time will assist in our ongoing search to obtain Mr Becker’s missing memorabilia or for Mr Becker to hand those items over to us.  In the interim the bankruptcy continues as normal.”
 
Contact: Terry Madden
Tel:01442 832234



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