Code of Ethics

PREAMBLE

Auctioneers recognize that the auction method of marketing requires a higher level of care and trust between the buyer, seller and auctioneer that surpasses a normal business relationship. Accordingly, the Indiana Auctioneers Association (“IAA”) has been formed to be a professional organization for practicing auctioneers, their associates, affiliated businesses and other related professionals. Membership in the IAA, although voluntary, carries with it a requirement of professional commitment to other professionals, both in and out of the auction industry, buyers, sellers, and the public-at-large that extends beyond that of laws and professional regulations. Members of the IAA accept this obligation to conduct themselves, and their businesses, in a manner that serves the public interest, protects the public trust and furthers the goals of the auction profession.
This Code of Ethics of the IAA and the accompanying Standards of Practice guides the Members in the performance of their professional responsibilities and duties. Complaints can be filed against IAA members who do not adhere to the Code of Ethics and shall be handled in accordance with the procedures established by the IAA Board of Directors. A violation of the IAA’s Code of Ethics shall not form the basis for civil liability brought forth against an auctioneer, nor can such a violation be used as a breach of duty of care in any civil litigation involving an auctioneer.

ARTICLE 1.

Members pledge to lawfully and ethically protect and promote the interests of the seller (hereinafter, the “Client”.)

ARTICLE 2.

Members owe the buyer (hereinafter, the “Customer”) the duties of honesty, integrity and fair dealing at all times.

ARTICLE 3.

Members shall not accept compensation related to a Client’s matter from any third party, even if permitted by law, without the full knowledge, and written disclosure, of all of the parties to the transaction.

ARTICLE 4.

Members shall disclose, in writing, any potential conflict of interest to a current or potential Client.

ARTICLE 5.

Members shall not make a profit on expenditures made for a Client without the Client’s prior written and expressed consent.

ARTICLE 6.

Members shall not engage in activities that constitute the unauthorized practice of law.

ARTICLE 7.

Members shall maintain a separate and designated escrow or trust account in an appropriate financial institution to maintain monies coming into their possession being held, in trust, for the benefit of others.

ARTICLE 8.

Members shall not disclose any confidential Client information without the Client’s prior written expressed consent, unless required by law.

ARTICLE 9.

Members shall not misrepresent or conceal material facts.

ARTICLE 10.

Members shall not knowingly or recklessly share confidential information about colleagues or their business practices.

ARTICLE 11.

Members should never criticize a competitor using false or deceptive information.

ARTICLE 12.

Members are duty bound at all times to abide by the laws and regulations which govern the profession as well as those which, if violated, would negatively affect their ability to appropriately represent the professionalism of the auction industry.

ARTICLE 13.

If a Member is a member of another professional organization, such as the NAA, the IAR, or the NAR, the Member is expected to also abide by the ethical obligations of that professional organization.

ARTICLE 14.

Members shall abide by all of the IAA’s rules and regulations in the exercise of their professional duties and at every IAA sponsored event.

ARTICLE 15.

Members shall report violations of the Code of Ethics and participate in all investigations and disciplinary proceedings when requested by the IAA.

ARTICLE 16.

If a Member owes an unpaid and unsatisfied civil, criminal, or regulatory cost, damage, fine, judgment, penalty, sanction, or other amount which was awarded, entered, levied, or ordered against the Member by an agency, authority, board, bureau, commission, court, department, or other arm of government, the owed or unpaid amount may formulate the basis of being in violation of the IAA’s Code of Ethics and subject the Member to discipline determined by the IAA’s Board of Directors.

ARTICLE 17.

If a Member’s auctioneer license is revoked by a licensing authority in any jurisdiction within the United States, for misconduct, wrongdoing, or another violation that occurred in connection with the Member acting as an auctioneer, or otherwise participating in an auction, may result in a Member being deemed in violation of the Code of Ethics and subject the Member to discipline as determined by the IAA’s Board of Directors.

ARTICLE 18.

A Member’s conviction of a felony involving the Member acting as an auctioneer or otherwise participating in an auction shall be deemed a violation of the Code of Ethics and result in discipline determined by the IAA’s Board of Directors.

Adopted by the IAA’s Board of Directors on April 23, 2025