Auctioneer

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Updated: Aug 20, 2021

A person authorized to sell goods or land at a public auction or sale. Initially the agent of the seller, he beames also the agent of the buyer after the een knocked down; he can therefore bind both parties where writing is nessary. Sale is normally only for cash where the custom is not otherwise; the auctioneer has a lien on goods for his charges provided he has the goods; he has no implied authority to warrant the goods sold. nor the owner’s right to sell; he must act in good faith. Advertisement of an auction does not nd the auctioneer as it is not an offer but an invitation.

Reference: The Penguin Business Dictionary, 3rd edt.



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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.