What happens if we receive a tie bid for a certain lot at the same auction?
We receive numerous bids for all the public auctions that we service. We do have a large number of clientele and, at times, do receive bids on the same lots at any one particular auction. As detailed previously, all bids are recorded and documented in the order received, with the earliest bids received earning priority over duplicate bids received at a later time. In the case of tie bids on the same lot (Example Lot 123: “Client A at $300”-Break Tie, and “Client Bat $300”-Break Tie), and if the auctioneer s book stops bidding at $170, we would jump the book bid to a proper increment of $325, awarding the lot to “Client A”. This procedure also is fair, equitable, and ethical to all parties involved, as it would be inappropriate and improper to award the lot to “Client A” for $180. Further, we couldn t justify to “Client B” that a lot with his given bid of $300-Break Tie was awarded to another client for $180.
