Standards for Auctioneers in Vietnam and Alberta (Canada)

Abstract

Auctioneering as a profession has been in existence for many years. The advantage of selling goods through a public auction compared to a normal willing buyer-willing seller process is that the consignor of the goods is likely to get a better price through a competitive bidding process. A professional consignee known as an auctioneer moderates the competitive bidding process during the sale of goods. However, because of the nature of the business and the frequent huge amounts of money involved in the transactions, there is a need to regulate the auctioneering. Every jurisdiction where auctioneering has specific rules that dictate regulate auctioneer standards. This article looks at the auctioneering standards that have been set and legislated in Alberta (Canada) and Vietnam. The paper has identified the minimum requirements that a prospective auctioneer has to meet in the jurisdictions for them to be given a licence to practice. Also, the paper has identified some regulations that guide the auctioneering process in the said jurisdictions. In the article, the researcher further identified key legal prohibitions that are part of the auctioneering standards.