Are goods at auction required to be advertised as being sold with or without reserve?

Goods at auction must be clearly advertised as being sold with or without reserve to ensure transparency and fairness in the auction process. When items are sold with reserve, it means there is a minimum price that must be reached for the item to be sold. Conversely, if goods are sold without reserve, they will go to the highest bidder regardless of the price.

Advertising the sale conditions helps potential bidders understand the terms of the auction, ensuring they can make informed decisions about their bids. This requirement is in place to promote honesty and integrity in the auction process, safeguarding the interests of both sellers and bidders. Clear communication of whether goods are sold with or without reserve is essential for preventing misunderstandings and building trust in auction practices.