The auctioneering company told by the Advertising Standards Authority not to mislead potential buyers by its use of guide prices, has warned that the adjudication is a test case for the industry.

Auction House founding director Roger Lake said: “Auction House accepts the ruling from the Advertising Standards Authority and has put immediate changes into place to ensure future compliance.

“Indeed, Auction House is the first auctioneer to secure approval from the ASA to its new website solution.

“As the largest auctioneer in the UK, we see this very much as a test case and think it is sensible to have greater clarity for the increasing number of people wanting to buy at auction – many of whom are members of the general public, rather than experienced traders.

“Auction policies are different to sale by private treaty, so detailed explanations of the language regularly used in the industry will be helpful.

“To this end we have added ‘Price Information’ to every one of our web searches to explain our meaning of ‘Guides’ and ‘Reserves’.

“The same information will be added to printed details, adverts and in our catalogues.

“Auction House is happy to be leading the way in providing this level of information, which will now have to be standard procedure for all auctioneers in the UK.”