What are the rules of auction?
An example of an AI chatbot conversation about auction rules and procedures.
What are the basic rules of an auction?
The basic rules of an auction include the auctioneer's authority, bidding increments, and the finality of the highest bid.
Can you explain how bidding increments work?
Bidding increments are the minimum amount by which a bid must increase. For example, if the current bid is $100, the next bid might need to be at least $110.
What happens if two people bid the same amount?
If two bidders submit the same highest bid, the auctioneer may ask for a tiebreaker bid or declare the item unsold.
Are there any rules about reserve prices?
Yes, a reserve price is the minimum price the seller is willing to accept. If bidding doesn't reach this price, the item may not be sold.
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