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Saturday, February 12, 2022

IPL Auction temporarily halted !!

Would you employ a pilot for driving your two-wheeler ??.. .. it is mad, mad out there – the auctioner shouting may not know the value of the subject on sale, those buying certainly know and it is more of permutation / combination, that they work out, that determines the sale price !!  

Chennai Superkings (CSK); Mumbai Indians (MI); Kolkatta Knight Riders (KKR); Delhi Capitals (DC); Royal Challengers Bangalore (RCB); Rajasthan Royals (RR); Punjan Kings (PBKS); Sunrisers Hyderabad (SRH) + two new franchisees, Lucknow Super Giants and Gujarat Titans .. . Nation is watching it live. 

The oldest player in fray is  Imran Tahir of SA at 43 years; youngest is   Noor Ahmed of Afghanistan at 17 years.  As many as 590 players, including 370 players from India, were shortlisted from a long list of over 1000 players who signed up for the IPL 2022 mega auction. In the first auction of this scale since 2018, teams will have a maximum purse of Rs 90 crore out of which all 10 franchises have used up money for retentions and draft picks. KL Rahul is the costliest player so far for IPL 2022 as he was picked in the draft by Lucknow Super Giants for Rs 16 crore. Amongst 590 players - 228 are capped players, 355 are uncapped players and 7 belong to Associate Nations. 

Those of us who watched Shikhar Dhawan’s team at Srilanka recently know him too well – Wanindu Hasaranga has played 4 tests 4 wickets; 29 ODI wickets in 29 and 55 T2oI wickets in 34 matches – yet is a hot buy!  - this leg spinner yesterday stunned Australia with a bizarre new delivery as he took 3 wickets in T20I, snaffling  Aaron Finch, Glen Maxwell and Steve Smith.   He bowled 6 straight deliveries in an unusual round-arm action, with right arm barely above his shoulders trying to keep the ball low and skid– remembering Kedar Jadhav ! The lankan allrounder was listed at base price of 1 crore but as his name came on stage, every one went busy .. .. the bidding reached cacophonic levels as everyone was trying to buy him – halted as   auctioneer Hugh Edmeades collapsed! -  RCB was in the lead at Rs 10.75 crore.

‘come under the hammer’ or ‘fall under the hammer’ are phrases which refers to something being auctioned.   The word "auction" is derived from the Latin augeō which means "I increase" or "I augment".  In market, there are fixed price shops and there are shops where you bargain, buy in the end and still rue thinking that you could have bought for a lower price !! An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder, though there are some variants too….

IPL auction is a peculiar thing – spectators (whose views do not matter) know them well, those present (buyers / franchisees) are people with exceptional knowledge on Finance, Players, Team composition and more .. .. and, and, .. .. the auctioner, who would in general explain, promote and ensure selling knows nothing about the product being sold ie., players, their value, their past performance, cricketing statistics or their potential – yet the auctioner, is a overly paid Foreign expert   

It is not the intrinsic value but the demand for the property on sale that determines the price in Auction.  To outsider seeing it for the first time, IPL Auction is height of madness, but perhaps there is method in madness – when you study the rules and it is not only the player under the hammer, but the composition of the Team that the bidder is planning about that determines the relative value.   

It is high value game – Shreyas Iyer was expected to be one of the big draws  was eventually bought by KKR at a whopping 12.25 crore (USD 1.6 million). Jason  Holder, at base price of Rs.1.5 crore, first attracted the attention of Mumbai Indians and then Chennai Super Kings, finally went for  8.75 crore (USD 1.16 million). Harshal Patel, one of the stars of the last edition of the tournament, went back to the team he was part of, Royal Challengers Bangalore, at 10.75 crore (USD 1.43 million).  Top 10 Most Expensive Buys so far

1. Shreyas Iyer – 12.25 crore (Kolkata Knight Riders)

2. Kagiso Rabada – 9.25 crore (Punjab Kings)

3. Shikhar Dhawan – 8.25 crore (Punjab Kings)

4. Trent Boult – 8 crore (Rajasthan Royals)

5. Pat Cummins – 7.25 crore (Kolkata Knight Riders)

6. Faf du Plessis – 7 crore (Royal Challengers Bangalore)

7. Quinton de Kock – 6.75 crore (Lucknow Super Giants)

8. Mohammed Shami – 6.25 crore (Gujarat Titans)

9. David Warner – 6.25 crore (Delhi Capitals)

10. Ravichandran Ashwin – 5 crore (Rajasthan Royals)


The auctioneer, Hugh Edmeades  is a British international fine art, classic car and charity auctioneer. In career spanning more than 3 and half decades  as a Christie’s auctioneer, he conducted more than 2,500 auctions, selling over 310,000 lots for a sum in excess of £2.7 billion. Hugh has sold a wide range of items including Old Master, Impressionist & Contemporary paintings, fine furniture, Chinese ceramics & works of art, and film & sporting memorabilia.   In 2004, Hugh conducted the auction of 88 guitars belonging to Eric Clapton raising a total of $7,438,624. Other interesting and unusual highlights have included Audrey Hepburn’s 'little black dress' from Breakfast at Tiffany's which sold in December 2006 for £467,000 and Daniel Craig’s Aston Martin DB10 from James Bond’s Spectre for £2,434,500 in February 2016.   In December 2018, Hugh was appointed by the Board of Control for Cricket in India (BCCI) as the auctioneer for the 2019 Indian Premier League (IPL), only the second person to have been given the honour and privilege of conducting this prestigious auction.  Earlier it was Richard Madley.  

To know better, here are some of the rules of the present auction: -

•        Each franchise should spend a minimum of Rs 67.5 crore from their purse of Rs 90 crore.

•        Each team should have a minimum of 18 players and a maximum of 25

•        The base price of players range from Rs 2 crore to Rs 20 lakh.( Rs 2 crore is the highest reserve price and as many as 48 players have chosen to place themselves in this bracket)

•        No Right To Match Cards available for teams to bring back their former players 

IPL Auction had to be halted when the spree for Hasaranga was on as the auctioneer, Edmeades fell down and collapsed to the ground .. .. the update now is Hugh Edmeades is fine, more than a bit shaken – appears to be more of a physical fall and no internal issues and the auction is likely to resume at 15.30hrs IST 

With regards – S. Sampathkumar

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