ESTATE AUCTIONS
In estate-type auctions, the articles to be auctioned (including firearms) are being sold by the executor of the estate of an individual. The firearms belong to and are possessed by the executor. The firearms are controlled by the estate, and the sales of firearms are being made by the estate. The auctioneer is acting as an agent of the executor and assisting the executor in finding buyers for the firearms. In these cases, the auctioneer does not meet the definition of engaging in business as a dealer in firearms and would not need a license. An auctioneer who does have a license may perform this function away from their licensed premises. [ATF Ruling 96–2]
Minimun Starting Bids; “Starting bid,” also called “opening bid”: the amount suggested by the auctioneer to open the bidding. If no bidders are interested in bidding at that amount, the auctioneer will drop the opening bid until a bid is received.
Minimum bid, also called “reserve price”: The price at which an item can be sold. If the final bid does not reach the minimum bid, the item remains unsold. (In other words, the starting bid can be less than the minimum bid, but the item cannot be sold until it reaches the minimum bid.)