If an auction is listed as unreserved and no buy backs, the auction company can stop you from bidding or having someone else bid on your behalf. Ritchie Bros. strictly enforces this and I believe has taken to people to court over it. You have to sign and agree to the conditions of the sale. You don't follow what you signed is a breach of contract. I've had a few things in a reserved auction not sell. The first time the auctioneer charged me half of the normal commission because it was at a farm sale. The next time was at his sales yard and he didn't charge me anything. Another time I had a riding mower that didn't meet my reserve but the highest bidder really wanted it. The auctioneer called me up and asked what I would need for it. I lowered my reserve about $250 and they sold it for me. I figured $2400 was better than nothing.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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