Posted By:
CoreyRS.hanusLeon,
I agree with you that the auctioneer should say something if the lot doesn't sell. And I believe most/many do. Sotheby's, for example, I believe will say "pass" if the lot doesn't sell. However, in Hunt's case pursuant to their Terms of Sale, if the auctioneer doesn't utter the magic word "sold", they have a legal basis to say title did not pass and the lot did not sell. However, to repeat what I said, knowing David Hunt as I do, I'm sure he's not trying to piss his customers off by relying on legal nuance. Something probably passed under the radar here as far as communicating what was happening, and an innocent misunderstanding took place.