This is an interesting new development from the UK with seemingly important ramifications for online auctions:

From June, when the new Consumer Contracts Regulations are due to come into force in the UK, auction sales will also be liable to a 14-day cooling off period, unless the auction qualifies as “public”, meaning the lots can be viewed in person. Under the new rules, virtual auctions are not considered public and so online buyers will have the right to cancel.

And then there is this:

The regulations will also require sellers to provide information about themselves before the sale, unless the auction is deemed “public”. Sellers at online auctions might be forced to reveal their identity.

New rules threaten online art market in the UK (The Art Newspaper)