[QUESTION] About Auctioning

[McFornell]

Hello! Since I'm new here, I'm here to ask something about auctions, I'm just confused on understanding the going once/twice thingy. Anyone who answers this will be highly appreciated, thank you!​

 

[MarianuLL]

When someone places a bid, you will have to do "once" then "twice" and then to declare the item "sold" , if someone places another bid over the first person's one you will start again with "once" "twice" etc.Let me know if you didn't got something from my explanation.

 

[iLegit]

They pretty much are warnings to potential bidders that the auction item is a step closer to being sold. For example I want to sell my 9 year old child for a starting bid of $5, some guy bids $5 and there are no further bids. I say 'once' which is 1/3 of the way to being sold. I then say 'twice' which is 2/3 of the way there. Now, I can just write 'SOLD' which completes the process but if I decide to wait further for potentially higher bids and someone else bids $10, the entire process restarts and I have to write 'once', 'twice' and eventually, 'SOLD' over again.

TL;DR: They are steps of an auction. Once is the first step to being sold, twice is the second and well, sold is the final.

 

[Athens]

They pretty much are warnings to potential bidders that the auction item is a step closer to being sold. For example I want to sell my 9 year old child for a starting bid of $5, some guy bids $5 and there are no further bids. I say 'once' which is 1/3 of the way to being sold. I then say 'twice' which is 2/3 of the way there. Now, I can just write 'SOLD' which completes the process but if I decide to wait further for potentially higher bids and someone else bids $10, the entire process restarts and I have to write 'once', 'twice' and eventually, 'SOLD' over again.

TL;DR: They are steps of an auction. Once is the first step to being sold, twice is the second and well, sold is the final.

jesus Ilegit. you are a horrible parent. Anyways. You may also accept a buyout which is a price set by the person who made the auction to instantly sell your item without 'once', 'twice', 'sold'. Here is an example

Clover
Starting Bid: 500
Bid step-up: 100
Buyout: 1000

If someone decides to bid 1000 and says he'll buyout then the seller may accept it without going the '1,2,3' sequence. Hope helpers and my explanation helped you fully understand auctions.

 

[iLegit]

Reply here if you need any further assistance on the topic. If not, let me know and I shall archive this.

 

[McFornell]

Reply here if you need any further assistance on the topic. If not, let me know and I shall archive this.

My question has been answered very clear and very understandable, thanks a lot! This thread can now be archived!

 

[iLegit]

Glad we have been of help! L&A'd.