Auctioneers - Definition - Law Dictionary Home Dictionary Definition auctioneers

Definition :

Auctioneers, licensed agents appointed to sell property and to conduct sales or auctions. They differ from brokers, in that the latter may both buy and sell, whereas auctioneers can only sell; also brokers sell by private contract, and auctioneers by public auction.

An auctioneer is deemed the agent of both parties; he can bind virtue officii the seller and the purchaser of royalty by his memorandum of the sale under s. 40 of the (English) Law of Properties Act, 1925, replacing in part s. 4 of the Statute of Frauds; but he is only the agent of the seller before the fall of the hammer at the sale. He may sue the purchaser in his own name. An auctioneer is generally remunerated by a commission on the amount realised by the sale, or, if no sale has been effected, on the reserve.

As to the right to specific performance when a mistake has been made by the auctioneer, see Re Hare and O'Moore's Contract, (1901) 1 Ch 93; McManus v. Fortescue, (1907) 2 KB 1. It has been held in Scotland that an auctioneer warrants his authority to sell, Anderson v. Croall, (1904) 6 F 153. An auctioneer requires an annual licence (Auctioneers Act, 1845 (8 & 9 Vict. c. 15), ss. 2 and 4), and see the (English) Sale of Land by Auction Act, 1867 (30 & 31 Vict. c. 48), and Sale of Goods Act, 1893, s. 58.