ebook img

Legal Theory of Auction PDF

249 Pages·2022·2.111 MB·English
Save to my drive
Quick download
Download
Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.

Preview Legal Theory of Auction

Legal Theory of Auction The widespread understanding of auction structure considers auction as consisting of three contracts: contract between the seller and the auctioneer, contract between the auctioneer and the buyer and the sale contract between the seller and the buyer. The book challenges this concept, arguing that the traditional tripartite concept of auction is too narrow and does not correspond to the actual structure of auction relations. Demonstrating that an auction structure consists of a plethora of legal relationships, including noncontractual relations, this book explores the legal concept of auction sale and the structure of accompanying relations. The book provides a historical overview of auctions and different auction models. Following a brief introduction to the economic theory, auction models are examined against the following legal criteria: price formation, publicity, parties’ autonomy, legal form and applied technology to find a legal concept and nature of auction. The book explores the legal position of key auction figures and auction objects to identify the categories of legal relations that appear at auction. It explores the legal nature of the main contract, as well as the relations between the consignor and the auctioneer, the auctioneer and the bidders, the bidders themselves, the consignor and the bidders. The book covers relations arising from droit de suite, financial and bidding agreements to provide a comprehensive overview of lesser- known legal relations that commonly arise in auction practice. Kristijan Poljanec is a postdoctoral researcher in law at the University of Zagreb, Croatia. Legal Theory of Auction Kristijan Poljanec First published 2023 by Routledge 4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 605 Third Avenue, New York, NY 10158 Routledge is an imprint of the Taylor & Francis Group, an informa business. © 2023 Kristijan Poljanec The right of Kristijan Poljanec to be identified as author of this work has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalogue record for this book has been requested ISBN: 978-1-032-07919-6 (hbk) ISBN: 978-1-032-33180-5 (pbk) ISBN: 978-1-003-31858-3 (ebk) DOI: 10.4324/9781003318583 Typeset in Times New Roman by Apex CoVantage, LLC To my beloved Ron, the most charming golden retriever that ever lived. Contents Preface xiv List of acronyms xvi Table of cases xviii Table of legislation xix Introduction 1 Price-determination methods 1 Brief note on the auction history 2 The rationale for this book 2 About the comparative legal method adopted in this book 3 Lack of comparative researches 3 Local character of auction sales 4 Self-regulatory character of auction rules 5 Fragmentary character of auction law 5 The comparative method 6 The objectives of the comparison 7 Contents of this book and the problems covered 8 Defining the legal concept of auction 8 Defining the structure of auction relationships 9 Defining the legal concept of internet auction 9 Filling the gaps in the EU resale right regime 9 Defining the legal nature of auction guarantees and the influence thereof on the position of the auctioneer 10 Finding a demarcation line between licit and illicit price- influencing tactics at auction 10 1 Legal concept of auction 15 Introduction 15 Economic concept of auction 15 viii Contents Models 16 One-sided and double-sided auctions 16 Private value and common value auctions 16 Open-bid auctions and sealed-bid auctions 17 Revenue equivalence theorem 18 The theorem 18 The critics of the theorem 19 Legal concept of auction 20 Typical models 21 Ascending (English) auction 21 Features 21 Public and private auctions 21 Written and oral auctions 22 Absentee bids 22 Limited and unlimited absentee bids 23 Descending (Dutch) auction 24 Features 24 Subcategories 24 Is Dutch auction an auction at all? 25 Auction and auction-like bidding mechanisms 26 Games of chance and auctions 26 ‘Controlled’ uncertainty 27 No risk of losing the stake 27 Purpose 28 Competitive bidding 28 Public procurement and auction 28 Stock exchange and auction 29 Auction and the public promise of a reward 30 Interim conclusion 31 2 Auction relationships 38 Introduction 38 Auction participants 39 Seller 39 Auctioneer 40 The notion 40 Consigned and property auction 40 Bidders 41 Objects 41 Legal relationships at English auction 42 Consignment agreement 42 Contents ix Continental law 42 Intermediation 42 Representation 44 Direct representation 44 Indirect representation 45 Auctioneer acting as sole contractor 46 Ambiguities concerning representation 47 Rights and duties of the auctioneer 48 Fiduciary duties of the auctioneer 48 Personal engagement in carrying out the mandate 48 Avoidance of conflict of interest 48 Adherence to the consignor’s instructions 48 Receipt of the price 49 Rights 50 Brokerage fee 50 Damages 50 Advances 50 Anglo-American law 51 Agency 51 Rights and duties of the auctioneer 52 The authority of the auctioneer 52 Fiduciary duty 53 Personal engagement of the auctioneer 53 Receipt of the price 53 Rights 54 Brokerage fee 54 Indemnities 54 Relationship between the auctioneer and the bidders 55 Continental law 55 Anglo-American law 59 The relationships between the bidders 60 Contract of sale 60 Continental law 60 Theory of invitation 60 The existence of an offer 62 The effect of the last (in)valid bid for previous bids 63 Higher bid 64 Duration of a bid 64 Notification of the knock-down 64 Auction sale with a ‘retention of higher offer’ clause (in diem addictio) 65

See more

The list of books you might like

Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.