What rights do sellers retain in a consignment auction?

In a consignment auction, sellers retain ownership of their items until those items are sold. This means that even when their goods are placed in the auction for sale, the sellers have not transferred full ownership rights until a successful transaction has taken place. This structure provides sellers with a level of security, as they are not relinquishing ownership until they receive payment for their items, thus allowing them to benefit from the auction process without losing control of their property prematurely.

The option concerning sellers foregoing all rights once items are said does not accurately reflect the nature of consignment, as sellers maintain certain rights until the sale is completed. While negotiating the sale price is an element of the auction process, in a consignment setting, the auctioneer typically sets a minimum bid or sale price, making the seller's control over the sale price limited. Finally, while sellers may wish to return unsold items, this is not universally guaranteed in a consignment auction, depending on the specific terms of the agreement they enter into with the auction house. Thus, the retention of ownership until the items are sold encapsulates the essence of a consignment auction.