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What is a sealed bid auction?

April 26, 2017auction bid sealed

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What is a sealed bid auction?

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• A sealed bid auction is where buyers “blind bid”. All bids are sealed. No buyer knows what the others have bid. The high bid is not revealed until bidding closes and the salvage is “Posted”.

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Most of the auction procedures and “rules” are used in a Sealed Bid Auction. The major difference is that all bidders submit their bids in sealed envelopes in accordance with the auction terms of the Sealed Bid Event. The bids are then opened and the successful bidder is notified. Frequently the top bidders are invited to a private, live auction, with the highest “sealed bid” amount being the opening live bid.