Case of equal auctions

In principle, an auction is a higher price offer than the current one. For example, if the glass vase is at 550 dollars, we call a bid and offer in excess of this amount. However, it happens that the same offer is made simultaneously by two different bidders. For example, it is possible that an Internet user offers 600 dollars for our vase at the same time as a person in the room. In the event of a double auction (see triple, quadruple…), there are a few rules of principle. The first is that of chronological order: the Auctioneer gives precedence to the first offer he has heard or the first buyer he has seen.

Another common rule is that of the presence of the physical auction on the other auction methods. Thus, if one of the bidders is in the room, and the other is on the phone or on the internet, it is the first which will in principle be privileged over the second. If two firm orders have been left on the same lot and for the same amount, the Auctioneer will give priority to the first-come. In order to distinguish it from the losing order, he may increase it very slightly. For example, if two orders have been placed on the vase for 900 dollars, the Auctioneer will say: “lot 22 is taken on order at 910 dollars” and will prevail over the first order received.  In any event, the application of these rules is not compulsory and remains at the discretion of the Auctioneer.

The presence of several firm orders on the same

If several people have left firm orders for the same lot, the Auctioneer alone raises the bids to apply them. If the amounts of these orders are different, the higher order wins. The Auctioneer stops an auction after the second highest order. For example, imagine that two orders have been left on the vase: order A is set at 700 dollars, order B at 1000 dollars. The Auctioneer will therefore raise the stakes up to 700 dollars, amount of order A, and then will add a bid to give priority to order B at 750 dollars.  If no other bidder appears, he may award the lot at this price. If another person bids, the Auctioneer will continue to rise, within the limit of the order (in these case 1000 dollars).

The adjudication  When there are no more bidders, the Auctioneer may decide to award the lot. The person who bid the highest wins the item and is then called the “successful bidder”. To adjudicate a lot, the Auctioneer drops his hammer and must imperatively pronounce the word “adjudge”. If a bidder appears after the hammer has fallen, but before it is pronounced the Auctioneer can resume the auction, because the lot is legally not sold.  To take the example of our vase, the following situation can be imagined: the bids are up to 2,000 dollars, on a purchase order

Related link

https://talkmarkets.com/member/al-artificial-intelligence/blog/top-19-startup-in-ai-artificial-intelligence?post=332465

By Amber