Your rights will be largely defined under your contract with the Auctioneer, including whether you agreed to allow the Auctioneer to conduct a "No Reserve" auction. While there may be claims for misrepresentation outside of the Agreement, the lack of such representations being in writing could make proving a case difficult. You should have Counsel review the Agreement and representations with you as soon as possible to preserve your rights.
Answered on Nov 12th, 2012 at 12:28 PM