Auction Subject to Confirmation

(See "Reserve Auction." ) Auction Value The price which a particular property brings in open competitive bidding at public auction. Auction With Reserve An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time. Auction Without Reserve See Absolute Auction. Auctioneer The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or cry the auction. Auctioneer Subcontractor An auctioneer hired by the principal auctioneer.