CODE OF ETHICS
The public auction subjects all
possessions to equitable public appraisal and competitive offer and thereby determines
fair and current value of all personal goods and estates.
Auctioneers are masters of procedure and
conduct of the public auction. Auctioneers are confidants of the public and
instrumentality of community progress and development. Such functions impose grave
responsibilities and duties beyond ordinary business policy to which members must dedicate
themselves. Members must strive to maintain the highest standards of the profession and
share with fellow Auctioneers a common responsibility for integrity and honor.
Auctioneers will conduct business in
accordance with the following Code of Ethics adopted by National Auctioneers
PART I -
Article 1. In the best
interest of the public, of fellow Auctioneers and of their own business, Auctioneers
should be loyal to National Auctioneers Association.
Article 2. Auctioneers should so
conduct their business as to avoid disputes with fellow Auctioneers, but in the event of a
controversy between two Auctioneers who are members of National Auctioneers Association,
they should not resort to a lawsuit, but submit their differences to arbitration by
National Auctioneers Association, and the decision of such arbitration should be accepted
as final and binding. If the dispute should be with non-members, the members should offer
the services of this Board to arbitrate.
Article 3. Where members are charged
with unethical practice, they should promptly and voluntarily place all the pertinent
facts before the proper committee for investigation and report.
Article 4. Members should never
publicly criticize a competitor, and where an opinion is especially requested, it should
be rendered in conformity with strict professional courtesy and dignity.
Article 5. Members should not solicit
the services of an employee of a fellow Auctioneer without the fellow Auctioneers
knowledge and consent.
Article 6. In the best interest of
society, of the members' associates, and of the members' own business, Auctioneers should
at all times be loyal to National Auctioneers Association and active in its works; and
should willingly share with fellow members the lessons of their experience.
PART II - RELATION TO CLIENTS
Article 7. Injustice of
those who place their interests in the members' hands, Auctioneers should endeavor to keep
abreast of business conditions, to keep informed in matters of law and proposed
legislation affecting such interests, so as to give intelligent business advice and
Article 8. In accepting the sale of
real or personal property, members pledge to be fair to both seller and buyer, and to
protect the owners' interest as they would their own.
Article 9. When consulted for an
appraisal of value or liquidation problem, members should give a well considered opinion,
reflecting expert knowledge and sound judgment, taking requisite time for study, inquiry
and deliberation. The members' counsel represents a professional service that they should
render in writing and for which they should make a reasonable charge. Members should not
undertake to give an appraisal or offer an opinion on any proposition on which they have a
direct or even indirect interest, without a full disclosure of such interest.
Article 10. Before accepting a sale it
is the duty of Auctioneers to advise the owner intelligently and honestly regarding the
market value of the business or proposition and the reasonable chance of selling at value
PART III - RELATIONS TO THE PUBLIC
Article 11. It is the duty of
every member to protect the public against fraud, misrepresentation or unethical practices
in connection with the sale, disposal or liquidation of any real or personal property
Auctioneers are called upon to dispose of at public auction.
Article 12. It is the duty of members to ascertain all
pertinent facts concerning every sale for which they are engaged, so that in offering
members may avoid error, exaggeration and misrepresentation.
Article 13. Auctioneers are confidential trustees of
the information given by the seller or gained by them through relationship, and
Auctioneers must never disclose the gross receipts of a sale or any other information that
would tend to be a violation of the profession.
Article 14. No special conditions real or assumed, or
inducements or directions from anyone relieve the member from responsibility strictly to
observe the Code of Ethics in this letter and spirit.