Does always the highest bidder win the auction?
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alvie
Apprentice
Joined: 18 Jan 2007
Posts: 11
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 Posted: 05/18/08 - 06:05 Post subject: |
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| Good evening everybody! I am Luke and I would appreciate if you could give me some information about auctions. I am pretty much interested in auctions, I think that they can be pretty much interesting. Now, I would like to know this: does always the highest bidder win the auction? Thank you for your posts. |
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basilius
Apprentice
Joined: 13 Aug 2005
Posts: 2
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| Posted: 06/17/08 - 02:26 Post subject: |
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| Hello to you too Luke. Well, I guess you are right. Auctions can be quite interesting, especially if there are some famous items on sale or if there is big money involved. There are some world famous auctions which broke records when it comes to revenues. Just think of this, Sotheby’s had three billion dollars revenue last year. Now, I don’t know that this is hundred percent true, but I think that the highest bidder should always win the auction. Now, you have several types of auctions. In the case of Chinese auction, I don’t think that the highest bidder has to win, because it is similar to lottery. Well, that would be all from me. Take care! |
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