According to the Uniform Commercial Code (adopted by every state except Louisiana) all auctions are with reserve unless stated otherwise. If the auctioneer advertises or says it's an absolute auction, he can't ask the seller if he wants to let something go. If he makes no such statement it's safe to say the buyer has a reserve, the auctioneer will "buy in" the item, or just plain run the item up to the reserve price. According to the UCC a seller can legally bid on his own items....IF the auctioneer makes an announcement to that effect.
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
... [Read Article]
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