Auction sales may be conducted in the City by regularly licensed auctioneers, wherever a permit has been issued therefor by the City Clerk, and upon filing a bond as hereinafter provided where the merchandise to be auctioned consists of items of jewelry, gold, silver, plated ware, precious or semiprecious stones or watches. No permit shall be issued unless all taxes on the property sought to be sold have been paid, or unless security satisfactory to the City Treasurer has been given for such payment, and unless the property sought to be sold has been within the City for one year or is part (or all) of the stock of goods of a merchant who has regularly done business in the City for one year prior to the date of the application, and no stock has been added thereto in anticipation of such sale within 120 days prior to the date of application. However, the limitations set forth in this section shall not apply to public auctions of household effects and personal belongings at the residence of the owner or under the direction of an administrator of an estate, provided that an affidavit shall be filed showing such to be the case. No permit shall be issued where merchandise to be auctioned consists of items of jewelry, gold, silver, plated ware, precious or semiprecious stones or watches, unless the owner of such merchandise files with the City Clerk a bond in the penal sum of two thousand dollars ($2,000), running to the people of the State, and conditioned upon the faithful performance by the owner of all of the provisions of this chapter, and upon the payment of all judgments recovered against the owner for fraud, misrepresentation or deceit, practiced by the owner's agent or auctioneer in the sale of such merchandise.
(1974 Code Sec. 7.55)