Last weekend's annual dinner of the IAVI was definitely a low-key affair - perhaps because of the fear that the good times may be coming to an end. With so many unsold houses overhanging the market as the season starts to wind down, it will obviously take a trojan effort to clear the decks before Christmas. Eddie Barrett took up this theme in his presidential speech, reminding younger auctioneers that while many of them have only experienced a runaway market, they should not forget it is a cyclical business. He urged these young things to brush up their negotiating skills as the market moves into quieter times.

While the younger set were slow to vacate the Burlington Hotel, Mr Barrett and other IAVI officials made a quick departure in preparation for their early morning flight to San Francisco where they nominated the IAVI as a member of the new International Consortium of Real Estate Associations.

Barrett took a swipe at FIABCI, describing it as "an honoured gentleman's club" even though Irish-born world president Laurence McCabe was sitting at the same table. In future, the IAVI is to pledge its support to the new consortium which it describes as "a business arrangement between the world's leading national real estate agents".

Roll on the junkets.