What role does a consignee play in an auction?

A consignee in an auction serves a crucial role by being the individual or entity that is entrusted with items for sale. This means they are responsible for delivering the goods to the auctioneer to be sold to bidders. The relationship between the consignee and the auctioneer is typically based on a contractual agreement, which outlines the terms under which the items will be sold, including the commission structure and responsibilities for the sale process.

In this context, the auctioneer acts as the facilitator of the auction, while the consignee provides the inventory that is auctioned off. This partnership is essential for the successful operation of an auction, as the auctioneer relies on the consignee to supply desirable items that can attract bids and generate sales. Understanding the consignee's function is vital for anyone entering the auction business, as it impacts the overall flow of the auction process and the outcomes for both sellers and bidders.