What documents should an auctioneer keep on file after an auction?

An auctioneer should keep several key documents on file after an auction, which primarily include auction contracts, records of sales, and receipts. Maintaining these documents is essential for several reasons.

First, auction contracts outline the terms and conditions agreed upon by the seller and the auctioneer, serving as a legal reference in case of disputes or misunderstandings. They detail the responsibilities of each party and provide clarity on commission rates and auction timelines.

Second, records of sales are crucial for tracking what items were sold, for how much, and to whom. This information not only aids in accurately distributing proceeds to sellers but also helps in managing inventory and assessing the success of an auction.

Lastly, receipts are important for financial records. They provide proof of the transactions that occurred during the auction and are vital for tax purposes, ensuring compliance with financial regulations.

In comparison, merely keeping only the contract with the seller or only the receipts does not provide a complete picture of the transaction history and could lead to difficulties should any issues arise. Not keeping any documents at all is not advisable, as it would leave the auctioneer without any formal records to refer to. Overall, option B encompasses all necessary documentation that supports a thorough and professional auction process.