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Auctioneers Act 2013

Record-keeping obligations

17: Auctioneer record

You could also call this:

“Auctioneers must keep detailed records of sellers, items, and auction details”

You need to keep a detailed record if you’re a registered auctioneer. This record must be accurate and up-to-date. It should include information about the people selling items (called vendors), the items being sold, and details about the auction.

For the vendor, you need to write down their full name, when they were born, where they live, and their phone number if they have one. You also need to note if they’re selling as part of their business or not.

For the item being sold, you need to describe what it is.

For the auction, you need to write down when it happened. If the item was part of a group of items (called a lot), you need to note the lot number. You also need to say if there was a minimum price the item had to sell for, and if the vendor was allowed to make bids.

You need to write down who ran the auction, what the highest bid was (and if it came from the vendor), how much the item sold for, how much money the vendor got, and when they got that money.

You should add this information to your record as soon as you can after you get it. You need to keep all this information for at least three years.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5788541.

Topics:
Business > Industry rules Money and consumer rights > Consumer protection
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"Telling the Registrar when important things change for auctioneers"

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18: Storage and inspection of auctioneer record, or

"Keeping and sharing your auction record"

17Auctioneer record

  1. Every registered auctioneer must keep an accurate and up-to-date auctioneer record.

  2. An auctioneer record must show the following information with respect to property offered for sale by auction by a registered auctioneer:

    Vendor

  3. the vendor's full name, date of birth, contact address, and contact telephone number (if any):
    1. whether the vendor is selling in trade as a supplier (within the meaning of the Consumer Guarantees Act 1993) or otherwise:

        1. Property

      1. a description of the property:

          1. Auction

        1. the date of the auction:
          1. if the property was auctioned by lot, the lot number:
            1. whether the sale was subject to a reserve price:
              1. whether vendor bids were permitted:
                1. the name of the auctioneer who conducted the sale:
                  1. the highest bid, and whether it was a vendor bid:
                    1. the price at which the property was sold:
                      1. the amount of proceeds paid to the vendor:
                        1. the date on which the proceeds were paid to the vendor.

                          1. The information required to be shown in an auctioneer record must be added to the record as soon as practicable after the information is available.

                          2. The information in an auctioneer record must be kept on the record for at least 3 years.

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