Auctioneers

Auctioneers are those agents who sell goods through auction. The goods are sold to the highest bidder. The auctioneer becomes the agent for the buyer and seller after when the highest bid is accepted. His remuneration or income is in the form of Commission. There are two types of auction. They are “with reserve” and “without reserve”. In the case of WITH RESERVE the auctioneer is to sells the goods to the highest bidder. In case of WITHOUT RESERVE the goods may not be sold below the reserve price.