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What are an auctioneer's responsibilities?

What are an auctioneer's responsibilities?
« on: July 27, 2011, 05:26:51 PM »
Quote from: Warren Schreiber on Sun Jun 05, 2011 Auctionzip forums
I have not seen a unit in the last six months that I would want to buy at anywhere close to the prices realized!!!
This is from an auctioneer in Mass.  I'm sure that he likes the commissions he's getting since the shows came out but he knows that people are over bidding (rolling the dice) on most of the lkrs he is selling.

Food for thought: It is generally assumed that an auctioneer's job is to get the highest sale price he can for the seller. Does there come a point that the auctioneer has a duty to the buyer when something is being sold way above value? Does this fall under full disclosure laws? Morality?

Buyer beware is my opinion. For better or worse the TV shows have brought the industry to the public light and we will be seeing changes in private lien auction laws across the country.

These are just hypothetical questions but interesting for me to ponder.  8)
auctionzip.com/azforum/viewtopic.php?p=17158#p17158

Offline ChefJ

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Re: What are an auctioneer's responsibilities?
« Reply #1 on: July 27, 2011, 05:35:04 PM »
IMHO the auctioneer is simply the middleman.  He is there to ensure a fair auction for the buyers and sellers.  That said, I would assume that the liability is on each person bidding.  If you want to spend 5k on some sunglasses and a TV so be it.  That could be my libertarian political philosophy speaking though.

Re: What are an auctioneer's responsibilities?
« Reply #2 on: July 27, 2011, 06:03:58 PM »
IMHO the auctioneer is simply the middleman.  He is there to ensure a fair auction for the buyers and sellers.  That said, I would assume that the liability is on each person bidding.  If you want to spend 5k on some sunglasses and a TV so be it.  That could be my libertarian political philosophy speaking though.

I agree 100% but as we know there is that segment of people out there who feel the need to protect people from their personal decisions. What happens when they decide auctions need fair value regulation? Scary thought.

Offline jrossjr79

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Re: What are an auctioneer's responsibilities?
« Reply #3 on: July 27, 2011, 06:24:52 PM »
IMHO the auctioneer is simply the middleman.  He is there to ensure a fair auction for the buyers and sellers.  That said, I would assume that the liability is on each person bidding.  If you want to spend 5k on some sunglasses and a TV so be it.  That could be my libertarian political philosophy speaking though.

Agreed, thats the Auctioneers job is to make sure it is a fair auction, and get the most he can get for a unit. If you really wanted to buy or another really wanted to buy say $20 worth of goods for $500, why should anyone stop you. No one is making these bidders bid. They can walk out at anytime. Unless of course the so called GAVEL falls on their last bid.


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