Under Kentucky law, auctions are considered what type of sales?

Under Kentucky law, auctions are classified as public sales. This classification is rooted in the nature of auctions, which are intended to be open to the public where potential buyers can see the items available for bidding and actively participate in the sale. Public sales are characterized by their transparency and the invitation for multiple participants to compete for an item, ensuring that the price is determined by the collective interest of the public in that item. This mechanism promotes fair market value as multiple bidders drive the price through their bids.

In contrast, private sales involve transactions between specific parties without public bidding, which does not apply to auctions. Retail sales are typically transactions meant for end consumers, while wholesale sales involve bulk transactions to businesses rather than individual consumers. The public aspect of auctions is a fundamental part of their operation and legality under Kentucky law, reinforcing the choice of public sales as the correct classification.