Who is responsible for managing and executing auctions on behalf of clients?

The role of managing and executing auctions on behalf of clients is primarily associated with the auctioneer. An auctioneer is a licensed professional who facilitates the auction process, engaging with both buyers and sellers to ensure the auction runs smoothly. This includes everything from promoting the auction, taking bids, displaying items for sale, and finalizing the transaction.

While terms like "bid caller" may refer to the auctioneer's specific function during the auction event, it does not encompass the broader responsibilities that come with managing an auction. An administrator generally handles logistical and organizational tasks but is not the primary figure executing the auction on behalf of clients. An auction firm refers to the business entity that may employ auctioneers and administrators to conduct auctions, but the individual responsibility for managing and executing the auction lies directly with the auctioneer.

Thus, understanding the key role of the auctioneer in the auction process clarifies why this answer is correct, as they are the necessary professional who directly engages with the clients and oversees the auction activities.