An Silent auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder.
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19 Facts About Silent auction
2.
Open ascending price Silent auction is arguably the most common form of Silent auction and has been used throughout history.
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3.
Attractive maidens were offered in a forward Silent auction to determine the price to be paid by a swain, while unattractive maidens required a reverse Silent auction to determine the price to be paid to a swain.
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4.
Christie's, now the world's largest Silent auction house, was founded by James Christie in 1766 in London and published its first Silent auction catalog that year, although newspaper advertisements of Christie's sales dating from 1759 have been found.
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5.
At the time, Christie's established a reputation as a leading Silent auction house, taking advantage of London's status as the major centre of the international art trade after the French Revolution.
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6.
Forward Silent auction is the most common type of Silent auction — a seller offers item for sale and expects the highest price.
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7.
Combinatorial Silent auction is any Silent auction for the simultaneous sale of more than one item where bidders can place bids on an "all-or-nothing" basis on "packages" rather than just individual items.
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8.
Deferred-acceptance Silent auction is a special case of a combinatorial Silent auction.
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9.
The second-price ruling is derived from the Vickrey Silent auction and means the final deal sealing for the number one bidder is based on the second bidder's price.
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10.
An all-pay Silent auction is an Silent auction in which all bidders must pay their bids regardless of whether they win.
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11.
The buyout price can either remain the same throughout the entire Silent auction, or vary throughout according to rules or simply as decided by the seller.
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12.
The auction is "silent" in that there is no auctioneer selling individual items, the bidders writing their bids on a bidding sheet often left on a table near the item.
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13.
Virginity Silent auction is the voluntary practice of individuals seeking to sell their own virginity to the highest bid.
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14.
However, more recently, selling at Silent auction has become an alternative to a normal property sale, due to the speedy nature of the entire process.
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15.
Government Silent auction is simply an Silent auction held on behalf of a government body generally at a general sale.
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16.
The Silent auction is usually sealed and the uniform price paid by the investors is typically the best non-winning bid.
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17.
The wine Silent auction business offers serious collectors an opportunity to gain access to rare bottles and mature vintages, which are not typically available through retail channels.
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18.
Whenever bidders at an Silent auction are aware of the identity of the other bidders there is a risk that they will form a "ring" or "pool" and thus manipulate the Silent auction result, a practice known as collusion or more specially bid-rigging.
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19.
Actions within the Silent auction mechanism serve as a communication channel for collusive behavior, once no other channels are legal.
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