Auction

s A public sale of property to the most favorable bidder. A sale by consecutive bidding, intended to realize the highest price by competition for the article.* When the law requires a sale of property to be made at public auction after due noticje, it is for the purpose of inviting competition among bidders, that the highest price may be obtained.'

Auctioneer.

A person who conducts an auction

May refer to one who sells his own goods, as well as one who sells the goods of another, at public auction. 6 Every person shall be deemed to be an auctioneer whose business it is to offer property at public sale to the highest and best bidder — excepting judicial or executive officers., and executors, administrators, and guardians, acting in their of&cial capacity.^ An " auction " sale is a public competitive sale. The person who conducts it is an " auctioneer." It is part of his engagement to invite and excite competition, and 1 Osborn v. United States Bant, 9 Wheat. 830 < = See 8 Bl. Com. 397. = L. audio, increase: augere, to Increase. 4 [Hibler v. Hoag, 1 W. & S. 653 (1841); CampbeU v. Swan, 48 Barb. 113 (1865). 6 Porter v. Graves, 104 U. S. 174 (1881), Miller, J. to dispose of the property to the highest bidder. The practice originated with the Eomans, who gave it the descriptive name of audio, an increase, because the property was sold to him who offered the most for it. Military spoils were thus disposed of, the sales being conducted sub hasta, under a spear — stuck in the ground. (A modern popular phrase Is "under the hammer.") Later came into use sale "by the candle " — while a candle burned one inch; and still later " Dutch auction " — an offer at a price above its value with a gradual lowering until some person purchased the article. In each method competition has been a necessary element. ' There may be a sale to the lowest bidder, as when land is sold for non-payment of taxes to any one who will take it for the shortest term, A price may be set imder which no sale will be permitted, provided public^ notice thereof be given beforehand. Parties may unite to purchase in good faith. = The conditions of sale should state whether or not the sale Is "without reserve " and whether a right to bid is also reserved. A material error in the description of realty makes the sale voidable, g. v. A defaulting pm-chaser may be made to pay a deficiency on a resale, subject to the former conditions." The auctioneer may not bid for himself nor by an agent, even though he offer a fair price: the reason being, the law will not permit a test to be made between interest and duty. Till a sale has been made he acts for the vendor; after the sale, for some purposes, as, to take the case out of the Statute of Frauds, he is agent for the buyer.* To exempt a sale of realty from the operation of that statute he must write the buyer's name In the memorandum of sale.* He has a special property in goods, and a lien for costs and commissions. If the vendor is undisclosed, he is liable as vendor. He is also liable for the want of due care and skill.' He has all the liabilities of an ordinary agent. If he sells goods "as auctioneer," without naming the principal, he is liable as if selling for himself; and If the title proves defective, independently of the doctrine of Implied warranty, he may be sued by the purchaser, as for money had and received, on the ground that the consideration has failed.'' See further Bid; Commerce; Concern, For whom; Jobber; Sale, Public; Vendue. ""CrandaU v. State, 88 Ohio St. 481-82 (1876), Ashburn, J. = See Smvdl v. Jones, 1 'W. & S. 136 (1841); Piatt v. Oliver, 1 Mc Lean, 801 (1837); Kearney v. Taylor, 15 How. 519 (1833); Smith v. UUman, 58 Md. 189 (1883), • Weast V. Derrick, 100 Pa. 509 (1882). * Veazie u Williams, 8 How. 151-56 (1850), cases. As to that statute, see 19 ■ Cent. Law J. 347-49 (1884), cases. = Doty V. Wilder, 15 III. 410 (1854), cases; 2 Kent, 540; 13 Am. Deo. 398-400, cases. » 3 Pars. Contr. 12. ' Seemuller v. Fuchs, 64 Md. 217 (1885), cases; Edger-