The term 'Auction Principals' refers to the people involved in an auction. The sellers are those who are offering goods or services for sale, while the buyers are those who are bidding on the items. The auctioneer is the person who oversees the auction and ensures that the rules of the auction are followed. The principals also include any third parties involved in the transaction, such as brokers or agents. All of these people have a vested interest in the outcome of the auction and must abide by the rules and regulations set forth by the auctioneer.