I'm looking for the rules Auctioneers must abide by in California?
Specifically I was at a auction yesterday where they listed around 300 items for sale and most were to be auctioned off starting at $1 with no reserve, some items were 20,000 to 40,000$$$ and more, not all after about 80% they announced folks we are out of time and if anybody has any item they want that hasent been auctioned please mention it now to the manager. I wanted to see all items go and I was willing to wait, but was to embarassed as it was a auction of a friend of a friend and did not want to upset my friend, I politely asked a assistant manager before the auction was actually over and was told everybodys leaving and mr x is not goint to loose $100,000 to $200,000 thats why he is ending it early there wasnt enough money left or people to buy it all... My contention was if it was $1 with no reserver I would have bought up everything that was left... Was this legit to stop the auction early???
- Anonymous1 decade agoFavorite Answer
They didn't guarantee to sell everything no matter what. If they had put it to bid and then not taken a $1 bid that would have violated their terms and conditions. By not placing them (stopping early) they got out of it. Sorry.