What must an auctioneer disclose to bidders?

An auctioneer must disclose all fees associated with the auction to bidders because transparency in the fee structure is crucial for maintaining trust and integrity in the auction process. Bidders need to know what costs are involved in order to make informed decisions about their bids. This includes any buyer’s premiums, commission fees, and other potential charges that could affect the final price they pay. By providing this information upfront, auctioneers help bidders assess the total financial commitment required, ensuring that the auction is conducted fairly and ethically.

Bidders have a right to understand the financial implications of their participation in the auction, and clear disclosure of fees fosters a competitive and open bidding environment. This practice not only safeguards the interests of the bidders but also protects the auctioneer from potential disputes or claims of misrepresentation later on.