If a reserve price is fixed1 by the seller and the sale or lot is expressed to be subject to a reserve, the auctioneer2 has no authority to sell below it3. If he purports to do so no contract is concluded between the seller and buyer as all bids amount only to conditional offers and any acceptance is similarly conditional on the reserve being reached or exceeded4. Moreover the auctioneer cannot be liable to the disappointed buyer for breach of any warranty of authority to sell to the highest bidder below reserve in the face of an express 'subject
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