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Encyclopedia Britannica - Main :: ARN-AUD |
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AUCTIONS and AUCTIONEERS. An auction
great
marriage
contract , the Praetorians proclaimed from their ramparts that the Roman world was to be disposed of by public auction
bidder
In England the method of conducting auctions has varied. In some places it has been usual to set up an inch of lighted candle, the person making the last bid before the fall of the wick becoming the purchaser. By an act of William. III. (1698), this method of sale was prescribed for goods and merchandise imported from the East
According to the practice now usual in England, a proposed auction is duly advertised, and a printed catalogue in the case of chattels, or particulars of sale in the case of land, together with conditions of sale, are circulated. Sometimes, in sales of goods, the conditions are merely suspended in the auction room. At the appointed time and place, the auctioneer, standing
hammer
bidder
hammer
American law is in general the same as the English law with regard to auctions. As to bidding by the vendor, however, it is less stringent. For, though puffing or by-bidding, as it is often called, will, under both systems alike, render an auction sale voidable at the option of a purchaser when it amounts to fraud, the weight of authority in the United States is in favour of the view that an owner may, without notice, employ a person to bid for him, if he does so with no other purpose than to prevent a sacrifice of the property under a given price. By a charter of Henry VII., confirmed by Charles I., the business of selling by auction was confined to an officer called an outroper, and all other persons were prohibited from selling goods or merchandise by public claim or outcry (see Henry Blackstone's Reports, vol. ii. p. 557). The only qualification now required by an auctioneer is a Ii' ence on which a duty of 10 has to be paid, and which mist be renewed before the 5th of July in each year. A liability to a penalty of loo is incurred by acting as an auctioneer without being duly licensed. The duty formerly imposed upon the purchase-money payable by virtue of a sale at auction was abolished by an act of 1845. An auctioneer is bound under a penalty of 20 to see that his full name and address are displayed before the commencement of an auction and during its continuance in the place where he conducts it. He is the agent of the vendor only, except in so far that, after he has knocked down a lot to the highest bidder, he has authority to affix the name of the latter to a memorandum of the transaction, so as to render the contract of sale enforceable where written evidence is necessary. An auctioneer does not, by merely announcing that a sale of certain articles will take place, render himself liable to those who, in consequence, attend at the time and place advertised, if the sale is not in fact proceeded with, provided he acts in good faith. One of the chief
The number of auctioneers' licences issued during the year ended the 31st of March 1908 was in England 6639, in Scotland 76o, and in Ireland 839. A central organization having its headquarters in London, the Auctioneers' Institute of the United Kingdom, was founded in 1886, in order to elevate the status and further the interests of auctioneers, estate agents and valuers. It has nearly 2000 members. (H. HA.) End of Article: AUCTIONS If you wish, you can link directly to this article.
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