a well-known mode of selling property, in open competition, to the highest offerer, by means of an agent or auctioneer. When the property is of considerable value, a person is sometimes appointed to superintend the sale, who is denominated judge of the roup, and acts as an arbiter in settling any disputes that may arise. The terms of the sale may be regulated at the will of the exposor, provided they are distinctly announced to the public beforehand. The party offering the highest price is declared the purchaser. When formal articles of sale are employed, they commonly regulate how much each offer shall exceed the previous one; whether the exposor shall be allowed to make an offer, or to withdraw the subject, if the highest offer does not amount to a given sum; and sometimes it is declared that an instalment of the price shall be payable instantly, or that security shall be found within a stipulated period; failing which the immediately preceding offerer is preferred. Secret contrivances, either to raise or depreciate the price, are unlawful. The seller must not attempt to practise any imposition on the public; neither are the bidders permitted to adopt any unfair means to prevent the natural operation of free competition. Where any such thing is detected, not only is the sale vitiated, but reparation is due to the injured party. For example, the secret employment by the seller of a friend to raise the price by making a fictitious offer is fraudulent, and entitles the highest offerer, on detecting it, to repudiate the transaction, or (in case he has been out-bidden by such fictitious party) to demand the property at the price which he fairly offered. On the other hand, the obligation on the part of the public to act fairly is equally stringent. Accordingly, if two or more individuals combine to withhold their biddings that one of their number may purchase cheaply in order to divide among them the expected profit, or if a bidder were to give money to others to induce them to refrain from bidding, the exposor is entitled to have the sale declared void; on the ground that such a secret combination or pacton obviously deprived him of the advantage which he expected from that competition which a public sale is intended to secure.

Formerly a duty was payable to government on the price realized; but at present it is only required that an annual license, which costs £10, be taken out by the auctioneer.