Bidding in Auctions

[Davypops]

When you bid in an auction, it is often the case that you don't want to bid the next 'increment' ( £10 or £20 for instance) and the auctioneer won't accept a inbetween bid. I seem to remember that the law on auctions is very old and legally very bound. If you bid (eg.) £193.50 and the reply is "no £200 please". What's the position? I ask this because £200 is too much on, say some 9ct gold when you've added the buyers premium. £193.50 + buyers premium is all its worth. No more. Thank you if you can cast an opinion.

[sandyRoe]

the vendor might have put a reserve on what they're selling.

[Buenchico]

There are actually very few statute laws relating to auctions and none of them relate to the circumstances you describe.

An auctioneer has a duty, under his contract with the vendor, to achieve the maximum sale price for the item. However he has no duties whatsoever (other than to ensure that doesn't misdescribe items offered for sale) to bidders. He is free to determine the bidding increments which he'll use and accept.

Chris

[Davypops]

Yes, but would the auctioneer (in the best interest of that vendor) be obliged to accept a bid that was above the last one (even though its not on the next step ie. another 10er) ?

[TonyV]

If it's getting close to closing bid - auctioneer will normally accept a small increase

[NOX]

An auctioneer does HAVE to accept any bid from anyone, they have a right to ignore bids from any individual- my son runs an auciton house and this occasionally happens if he knows someone who is bidding or trying to bid is a problem.

[Buenchico]

Sorry, Nox, is there a missing word in there somewhere?

You wrote:
"An auctioneer does HAVE to accept any bid from anyone, they have a right to ignore bids from any individual".

Unless I've drunk rather more than I thought, that appears to be contradictory!

[Buenchico]

Oh, i see that Eddie can type faster than me!

[NOX]

yes indeed, that should read ' does NOT'- thank you folks.

[TonyV]

Bue - I have had auctioneers take bids from me for items I was not bidding on - dont know whether it still happens

[Buenchico]

I've had an auctioneer accept a winning bid from me when I wasn't even at the auction. (Either the purchaser deliberately quoted a false account number, or the auctioneer wrote his number down incorrectly. I still ended up getting a bill, for a lot of chickens(!), when I didn't even attend the auction!)

[mrs_overall]

Buenchico - that is an eggstraordinary tale!

[factor-fiction]

Was 'fowl play' suspected, Buenchico?