The auction house charges a certain percentage of commission to the client and the buyer respectively.

The general procedure of auction business can be divided into three stages:

Preparation stage

The owner transports the goods to the auction site → entrusts the auction house to select and batch → the auction house compiles the catalog and solicits buyers. Buyers participating in the auction can go to the warehouse to check the goods within the specified time → understand the quality of the goods → formulate their own bidding standards, and make preparations before the auction. The auction house generally also provides various written materials for publicity to expand its influence.

Formal auction

The formal auction is a transaction that is completed at the specified time and place, in the order specified in the auction catalog. During the auction process, each bid of the buyer in the formal auction is equivalent to an offer. When another bidder offers a higher price, the offer will be invalid. The auctioneer expresses acceptance on behalf of the seller by striking the hammer, and the transaction is completed.

Transaction and delivery

After the auction is completed, the buyer signs the transaction confirmation letter, and the auction house charges a certain percentage of commission to the client and the buyer respectively, and the commission generally does not exceed 5% of the transaction price. The buyer usually pays the purchase price in cash and picks up the goods at the designated warehouse within the specified period according to the warehouse delivery conditions. Since the buyer can see the goods before the auction, there are fewer claims afterwards. However, if the goods are indeed defective, or the auctioneer or the client cannot guarantee their authenticity, they must be declared in advance, otherwise the auctioneer will bear the warranty responsibility.

Auctions are very common in daily life and are more commonly used in finance. In public places, the starting price is ....... yuan, and the highest bidder wins.

Auctions also refer to the way in which the state administrative agency, in accordance with the "Auction Law", transfers specific items or property rights to the highest bidder in the form of public bidding when disposing of state-owned assets.