Auctioneers

Auctioneers are agents who sell goods by auction on behalf of their principals. Auction sale is a notification to the public. It clearly mentions the date, time, place and details of goods will be widely published through newspapers, posters, leaflets and announcements etc., Auction sale may be “WITH RESERVE” and “WTIHOUT RESERVE”.In case of auction “WITH RESERVE” no sale can take place below the minimum price fixed by the seller, which is known as “Reserve Price”.

 In case of auction “WITHOUT RESERVE” the auctioneer is bound to sell the product to the highest bidder. The price for which the bid is accepted is called “knocked down price”. Striking a hammer on the desk indicates the acceptance of a bid by auctioneer. After the highest bid is accepted, the auctioneer becomes the agent for both the seller and the buyer. For his services, the auctioneer is entitled to receive a commission, which is a certain percentage of the sale proceeds, usually fixed between him and the seller, prior to the auction.

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