mock auction

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An auction during which (1) any lot is sold to someone at a price lower than his highest bid for it; (2) part of the price is repaid or credited to the bidder; (3) the right to bid is restricted to those who have bought or agreed to buy one or more articles; or (4) articles are given away or offered as gifts. Under the Mock Auction Act 1961 it is an offence to promote or conduct a mock auction of plate, plated articles, linen, china, glass, books, pictures, prints, furniture, jewellery, articles of household or personal use, ornaments, or any musical or scientific instrument.

Subjects: Economics — Law.

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