Chapter 4: Interests and expectations in sleeper cases
At the outset of every auction sale is an owner who decides to consign his property with an auction house. The winning bidder of the auction sale, i.e. the purchaser, becomes “the final actor.” The sale’s result produces a threefold legal relationship among the consignor, the auctioneer and the purchaser. The auction house is the central player: although it acts as the transactional medium, it sets all the rules. The auction house’s terms and conditions bind the consignor and the purchaser under the applicable national law.
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