Auction Ring

Auction ring in Law Enforcement

Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of auction ring.

Resources

See Also

• Law Enforcement Officer
• Police Officer
• Law Enforcement Agency

Further Reading

• auction ring in A Dictionary of Law Enforcement (Oxford University Press)
• auction ring in the Encyclopedia of Law Enforcement
• A Treatise on the Police of the Metropolis

English Legal System: Auction Ring

In the context of the English law, A Dictionary of Law provides the following legal concept of Auction Ring : A group of buyers who agree not to compete against each other at an auction with a view to purchasing articles for less than the open-market value. The profit earned thereby is shared among the members of the ring, or a second “knock-out” auction is held in private by the members of the ring with the article being sold to the highest bidder and the profit shared among the members. Under the Auctions (Bidding Agreements) Acts 1927 and 1969 it is a criminal offence for a dealer to participate in an auction ring and a seller is given the right to set aside the contract of sale if one of the purchasers is a dealer in a ring.