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The agent has possibly breached several acts which could have criminal and civil penalties. The successful bidder could have the contract enforced against them by the vendor. see for example http://www.austlii.edu.au/au/legis/nsw/consol_act/psabaa2002385/s77.html...

This is what I was going to say. Even thought they may not have his signature it is still a binding contract if the auctioneer signs on behalf of the winning bidder.