Clay Potter Auction Group strictly adheres to these ethical principles as set forth by the Texas Auctioneers Association:

Code of Ethics

Preamble

Whereas, it is necessary, in order to fit ourselves for the responsibility of Auctioneers, to cultivate the spirit of co-operation, improve our profession and protect the interest of the auctioneer, to protect the public against unscrupulous practices; therefore, we do constitute ourselves the Texas Auctioneers Association. The auction business is said to be the medium through which the lifeblood of the nation attains greater momentum and brings to the nation greater balance, prosperity and stability. It chases the ghost out of the ghost town. It brings hope, confidence and joy to individuals and communities. It turns the loss of unsold business into profits for both the seller and buyer. The auctioneer should hold aloft the dignity and importance of the nation of his profession. He should never loose sight of his personal and professional integrity, his responsibility and his sense of patriotism. The Auctioneer realizes that his profession is both competitive and co-operative and that he shares with others a common responsibility for its honor and that by being true to himself, he is true to all men. With these principles ever before him, the Auctioneer pledges himself to their observation and to conduct his business in conformity to the following Code of Ethics adopted by the Texas Auctioneers Association.

Part I – Professional Relations

Article 1. In the best interest of the public, of his fellow auctioneers and his own business, the Auctioneer should be loyal to the Texas Auctioneers Association.

Article 2. The Auctioneer should so conduct his business as to avoid disputes with fellow Auctioneers, but in the event of a controversy between two Auctioneers who are members of the Texas Auctioneers Association, he should not resort to a law suit, but submit his differences to arbitration by the Texas Auctioneers Association, and the decision of such arbitration should be accepted as final and binding. If the dispute should be with a non-member, he should offer the services of this board to arbitrate.

Article 3. Where a member is charged with unethical practices, he should promptly and voluntarily place all pertinent facts before the proper committee for investigation and report.

Article 4. A member should never publicly criticize a competitor, and where an opinion is specially requested it should be rendered in conformity with strict professional courtesy and dignity.

Article 5. In the best interest of society, of his associates, and of his own business, the Auctioneer should at all times be loyal to the Texas Auctioneers Association and active in its work; and he should willingly share with his fellow-members the lessons of his experience.

Part II – Relations to Clients

Article 6. In justice to those who place their interests in his hands, the Auctioneer should endeavor to keep abreast of business conditions, to keep informed in matters of law and proposed legislation affecting such interests, so as to give intelligent business advice and effective service.

Article 7. In accepting the auction of real or personal property, the member pledges himself to be fair to both seller and buyer, and to protect the owner’s interest as he would his own.

Article 8. When consulting for an appraisal of value or liquidations problem, a member should give a well considered opinion, reflecting expert knowledge and sound judgment, taking requisite time for study, inquiring and deliberation. His counsel represents a professional service, which he should render in writing and for which he should make a reasonable charge. A member should not undertake to give an appraisal or offer an opinion on any proposition on which he has a direct interest, without a full disclosure of such interest.

Article 9. Before accepting a sale it is the duty of the Auctioneer to advise the owner intelligently and honestly regarding the market value of the business or proposition and the reasonable chance of selling at value or above.

Part III – Relations to Public

Article 10. It is the duty of every member to protect the public against fraud, misrepresentation or unethical practices in connection with the auction, disposal or liquidation of any real or personal property the Auctioneer is upon to disclose of at public auction.

Article 11. It is the duty of a member to ascertain all pertinent facts concerning every auction for which he is engaged, so that in offering he may avoid error, exaggeration and misrepresentation.

Article 12. An Auctioneer is a confidential trustee of the information given by the seller or gained by him through relationship, and the Auctioneer must never disclose the gross receipts of an auction or any information that would tend to be a violation of the profession.

Article 13. No special conditions real or assumed, or inducements or directions from anyone relieve the member from his responsibility strictly to observe the Code of Ethics in letter and spirit.