What is required before any advertising for the auction can take place?

Advertising for an auction can only commence after a signed auction listing contract is in place because this contract forms the legal foundation of the auction transaction. The auction listing contract outlines the terms of the auction, including details about the items to be sold, the seller's obligations, and the auctioneer's authority to conduct the sale. It ensures that both parties—the seller and the auctioneer—understand their rights and responsibilities.

Without this contract, the auctioneer lacks authorization to promote the auction, which could lead to potential legal disputes. This requirement protects both the auctioneer and the seller, ensuring that all advertising efforts are in alignment with the agreed-upon terms and legally binding. It also serves as a way to provide transparency to potential bidders about the legitimacy and structure of the auction, which is crucial for building trust within the auction community.