Mock auction

Updated: Aug 20, 2021

Under the Mock Auctions Act 1961, a mock auction is one where during the course of sale (1) any lot to which the Act applies is sold at a price lower than bid, or any part of the price is repaid or credited to the bidder, (2) the right to buy is restricted to those who have bought or agreed to buy one or more articles, or (3) any articles are given away or offered in the form of gifts. Anyone running or helping to run a mock auction could be fined £1,000, imprisoned for not more than two years or both.

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.