"Although some legal commentators see the case as portending the end of the auction world as we know it, we view the holding as quite narrow, applying only to evidence that is needed if a purchaser is sued by the auctioneer after failing to pay."

Charles and Tom Danziger on the Jenack case and various and sundry other auction-related legal issues.  On Jenack, they side with the Olsoffian minimalist interpretation.