THE AUCTIONEER.
1. The Auctioneer is one who disposes of property at public sale to the highest bidder. The sale of property in this manner is regulated, in some particulars, by legislative enactments, which have for their object the prevention of fraud, or the imposition of duties.
2. In Pennsylvania, the present law provides for three classes of auctioneers, each of which is required to pay to the state a specified sum for a license. The first class pays two thousand dollars per annum; the second, one thousand; and the third, two hundred; and, besides this, one and a half per cent. on the amount of all their sales is required to be paid into the treasury of the state. To each class are granted privileges corresponding to the cost of the license.
3. In the state of New-York, the number of auctioneers for the cities, villages, and counties, is limited by law; and all persons who would follow the business are compelled to give security for the faithful execution of its duties. The state requires a duty of one per cent. on all merchandise imported from beyond the Cape of Good Hope, one and a half per cent. on such as may be imported from other foreign countries, and two per cent. on wines and ardent spirits, whether foreign or domestic. The laws and usages regarding sales at auction, in most of the United States, are similar, in their general principles, to those of Pennsylvania or New-York.
4. A great amount of merchandise, both foreign and domestic, in our principal cities, is sold by auction; and the price which staple commodities there command is generally considered a tolerable criterion of their value at the time. It very frequently happens, however, that articles which are not in steady demand, are sold at a great sacrifice. Auctioneers seldom import goods, nor is it usual for them to own the property which they sell.
5. In all cases, before an auction is held, due notice is given to the public. This is usually done by the circulation of a printed hand-bill, by a crier, or by an advertisement in a newspaper; or all three of these modes may be employed to give publicity to one and the same sale.
6. Persons desirous of becoming purchasers at the proposed auction, assemble at the time appointed; and, after the auctioneer has stated the terms of sale, as regards the payment of whatever may be purchased, he offers the property to the persons present, who make their respective bids, he, in the mean time, crying the sum proposed. When no further advance is expected, he knocks down the article to the last bidder.
7. A mode of sale was formerly, and, in some cases is still, practised, in various parts of Europe, called sale by inch of candle. The things for sale are offered in the ordinary manner, as has been described in the preceding paragraph, and, at the same time, a wax-candle, an inch in length, is lighted. The purchasers bid upon each other, until the candle has been all consumed; and the last bidder, when the light goes out, is entitled to the articles or goods in question.
8. Auctioneers, in large cities, hold their sales at regular periods; sometimes, every day or evening. On extensive sales of merchandise, credits of two, three, four, six, or nine months, are commonly given. In such cases, the auctioneer often gives his own obligations for the goods, and receives in return those of the purchasers.
9. This mode of sale is employed in the disposition of property taken by process of law for the payment of debts, in every part of the world, where the influence of European law has extended. It is used in preference to any other; because it is the most ready way of sale, and is moreover the most likely method to secure to the debtor something like the value of his property.
10. Executors and administrators often employ this convenient method of sale, in settling the estates of deceased persons; and they, as well as sheriffs and constables, ex-officio, or by virtue of their office, have a lawful right to act in the capacity of auctioneer, in performing their respective duties; and no tax is required by the state, in such cases.
11. The sale by auction was in use among the Romans, even in the early days of their city. It was first employed in the disposition of spoils taken in war; hence a spear was adopted as a signal of a public sale; and this continued to be the auctioneer's emblem, even after this mode of sale was extended to property in general. The red flag and spear, or rather the handle of that instrument, both emblematical of blood and war, are still employed for the same purpose.
12. Several attempts have been made in the United States, to suppress sales of merchandise by auction; but these endeavors were unsuccessful, since experience had proved this mode of effecting exchanges to be prompt and convenient; and since some of the states had derived considerable revenue from the duties. So long as conflicting interests remain as they are, this mode of sale will be likely to continue.
