Part 17 · Dealers, Auctions & Disputes

Auctions — Formal Houses, Facebook Live & the Complete Legal Framework

Formal auction houses, Facebook Live auctions, buyer's premium, shill bidding, GST on auctions, and the complete legal framework for numismatic auctions.

31 questions in this part

1 What law governs numismatic auction houses in India? 2 Does a formal auction house need a specific licence to conduct numismatic auctions? 3 Does a numismatic auction house or dealer need a licence to sell antique coins and notes? 4 When does a bid become a legally binding contract at a formal auction? 5 Can a winning bidder legally withdraw their bid after the hammer falls? 6 Can an auction house legally set a reserve price without disclosing it to bidders? 7 What is the auction house's legal liability if a note sold at auction turns out to be fake? 8 What is the buyer's premium — and is it legally mandatory to disclose it? 9 Can an auction house legally bid on its own lots — and what is shill bidding under Indian law? 10 What GST applies on auction house commissions and on the sale price — and who pays what? 11 If you win a lot at auction and the auction house goes bankrupt before delivering it, what are your rights? 12 Is a Facebook Live auction legally an 'auction' under Indian law? 13 Is a comment '500' on a Facebook Live auction a legally binding bid? 14 If a seller announces 'sold' in a Facebook Live comment, is that a legally binding acceptance? 15 Can a bidder on Facebook Live retract their comment bid before the seller announces 'sold'? 16 What happens legally if two people comment the same winning bid simultaneously on Facebook Live? 17 If a seller on Facebook Live ignores the highest bidder and sells to someone else — what legal recourse does the ignored bidder have? 18 Does a Facebook Live auction seller need GST registration — and when does it become mandatory? 19 Can Facebook itself be held liable for fraudulent numismatic auctions conducted on its platform? 20 If a Facebook auction seller blocks you after receiving payment, what are the fastest legal remedies? 21 Is shill bidding on Facebook Live using fake accounts a criminal offence in India? 22 Can a Facebook Live auction video be used as evidence in a consumer court dispute? 23 What should a Facebook Live auction seller do to make their auction legally defensible — the complete protocol? 24 Is it legal to conduct a numismatic auction on Instagram Live, YouTube Live, or Telegram? 25 If a Facebook group admin hosts numismatic auctions in their group and a fraud occurs, are they personally liable? 26 Is a static post auction on Instagram or Facebook legally an auction under the Sale of Goods Act? 27 Is a comment bid on a static post auction legally binding — and can a bidder retract before the end time? 28 When does the auction legally end — at the stated end time, or when the seller announces the winner? 29 Do the terms in the post caption legally bind all bidders who comment? 30 What is the legally safest way to conduct a static post auction — the complete protocol? 31 If the seller declares a late bidder as the winner — ignoring the end time — what are the rights of the highest valid bidder?