An auction house should be held accountable for their lot descriptions, especially when it may impact how high a bidder may go. But it also doesn't hurt for the bidder to do his due diligence before sinking big money into a piece.
As a bidder I would contact an auction house that makes a material error and ask them to make the necessary change. I know that when I ran auctions I had to correct some things that were pointed out to me by the bidders. It's really not a big deal, as mistakes will happen.
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