English Auction Protocol

Going Once...

• Each bidder may place a bid higher than the current bid. Bidders can call bids to any amount they choose until no one else wishes to place a bid. At that point, the auctioneer will offer three chances for further bidding (going once, going twice, sold).

Bidders

• No bidder may leave the room; otherwise, he is declaring himself out of the bidding.

Starting Price

• English auction also dictates that the auctioneer may request a starting bid. This is usually decided by the auctioneer who deems the minimal value of the item as the price to begin from.

Limits

• Bidders are permitted to increase their bids against each other until other bidders declare themselves out, when the price goes over their limit.

Winners

• The winning bidder has then entered a legally binding contract and must pay for the goods.