Holts sealed bid auction.

[Lakey]

I agree with your logic, i bought a gun in last sealed bid auction i bid high because i did not want to loose it, but if i had bid
£90 lower i would still have won it.

But you didnt know that at the time.

The sealed bid auction is a very clever format for the auction houses, as it can be run with the minimum of outlay, and it "encourages" everyone to bid to their very top price. So, if only two people bid on a given item, one person bid £5.00, and the next person bid £40.00, the winner pays the full £40.00 plus fee's. Then has the additional cost of a collection from Norfolk.


Lakey