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Property and Stock Agents Act 2002
84Livestock auctions—“comeback” prohibited
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84 Livestock auctions—“comeback” prohibited
84 Livestock auctions—“comeback” prohibited
(1) An auctioneer must not, at an auction for the sale of livestock, sell by auction any lot for a price lower than any price bid in relation to the sale of that lot.
(2) For the purposes of this section, a price is bid if it is called by a prospective purchaser or is attributed to a prospective purchaser by the auctioneer as being the amount of a bid, and is not withdrawn by the prospective purchaser prior to the sale of that lot.