30-11-506. Auctioneer's authority from the seller. An auctioneer, in the absence of special authority or usage, has authority from the seller only as follows:

(1) to sell by public auction to the highest bidder;

(2) to sell for cash only, except for articles usually sold on credit at auction;

(3) to warrant as an agent pursuant to 28-10-421;

(4) to prescribe reasonable rules and terms of sale;

(5) to deliver the thing sold upon payment of the price;

(6) to collect the price; and

(7) to do whatever else is necessary, proper, and usual in the ordinary course of business for effecting these purposes.