Hansa Silver (Pty) Ltd and Others v Obifon (Pty) Ltd t/a The High Street Auction Company (192/2014)
Hansa Silver (Pty) Ltd and Others v Obifon (Pty) Ltd t/a The High Street Auction Company (192/2014) [2015] ZASCA 54; 2015 (4) SA 17 (SCA) (30 March 2015)
The Supreme Court of Appeal held that the auctioneer's bids on behalf of the sellers did not constitute misrepresentation or fraud. The rules of the auction, which permitted vendor bidding up to the reserve price, were made available and read out to all bidders, including the appellants. The Consumer Protection Act requires only prior notice of vendor bidding, not contemporaneous identification of such bids. The regulations cited by the appellants do not apply to auctioneers bidding on behalf of sellers. The appellants, being experienced in auctions, were not misled or induced by any alleged…
Source excerpt
- Auction Sales
- Vendor Bidding
- Misrepresentation
- Consumer Protection Act
- Contractual Invalidity