Question about a lot in the last Hunt Auction

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Posted By: CoreyRS.hanus

"Does that mean that if he doesn't utter the particular word "sold," any lot can be withheld from any buyer for any reason? If so the whole auction concept is meaningless."

As a matter of law, I believe there would need to be a reason not to utter the word "sold". Otherwise, as you say, the whole auction could be a sham. Such a reason can be, as the Terms say, that the auctioneer determines the bid is not commensurate with the value of the lot. The Terms were no doubt drafted to protect the auction house from good faith errors, undervaluing a lot being one. Inasmuch as Hunt makes its money by selling its lots and making its buyers and sellers believe that they act in a honest upfront manner, I don't think they would withdraw a lot unless they had good cause to believe they missed something and that they did not adequately protect their consigner. Sure, if an auction house is dishonest such Terms of Sale can give them perhaps a bit too much leeway. After all, it can be very difficult to prove the reasons for the withdrawal. But as has been stated by a number of posters, Hunt over the years has earned a reputation for comporting with the highest standards of integrity. And I'd be shocked if they intended anything underhanded with what they did here. Perhaps they could have communicated better before the lot went up, or perhaps they erred in some other way, and perhaps going forward they can improve certain things to prevent future misunderstandings of this sort, but I don't think they intended to act dishonestly.