Auctioneer
Auctioneer
Auctioneer (/ɔːkˈʃɪnɪər/) is a professional who conducts auctions by accepting bids and declaring goods sold. They are usually hired by the owner of the property to sell goods to the highest bidder.
Etymology
The term "auctioneer" is derived from the Latin word "auctio" which means "increasing" or "augmenting". This refers to the process of increasing the price of an item through bidding.
Role
An auctioneer is responsible for the conduct of the sale by bid, whether it be goods, property, or livestock. They are expected to ensure fair competition among bidders and to avoid any form of collusion. They also have the authority to refuse any bid, withdraw any goods or property from sale, and resolve any disputes that may arise during the bidding process.
Related Terms
- Auction: A public sale in which goods or property are sold to the highest bidder.
- Bid: A price offered by a buyer to purchase an item.
- Hammer Price: The price at which an item is sold at an auction, determined when the auctioneer brings down the hammer.
- Reserve Price: The minimum price that a seller is willing to accept for an item to be sold at auction.
- Lot: A collection of items that are sold together at an auction.
- Appraisal: An estimation of the value of an item or property, often conducted by an expert.
External links
- Medical encyclopedia article on Auctioneer
- Wikipedia's article - Auctioneer
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