Traditional auction

Definition and process

Definition

An auction is a form of public sale consisting of selling to the highest bidder. Thetraditional auction is usually done in a room, or even outside. An auctioneer (auctioneer) makes the batch sale by taking the increasingly high offers (bets) of the buyers who are physically present.

A bid is when a buyer makes a higher bet than the previous bidder and then becomes the bet to beat. If no one outbids the latter again, he wins the lot.

Note that an auction fee of 15% and taxes of about 15% are almost always applicable, unless otherwise stated (a bet of $100 corresponds to a final invoice of about $130).