Silent auction
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Silent auctions are often used to sell artwork at convention art shows where prospective buyers fill out bid sheets with their offer for a particular item.
Rules[edit]
The starting bid can be specified by the seller. Art show organizers recommend setting this value at the minimum price the seller is willing to accept for the item, though some sellers prefer to risk starting as low as $1 to encourage more bidding activity. However, there is the chance that the piece may sell for just that.
If an item receives enough bids (usually 4 or 5), it will then be sent to a vocal art auction where the highest bid of the art show is used to start the minimum bidding.
Some art shows will also offer the option of a direct or "quick sale" where a direct sale price is specified, usually substantially higher than the minimum bid. If the buyer is willing to pay this price, the silent auction is bypassed and the item is immediately sold. However, if a buyer opts to offer the lower price of the minimum bid, the direct sale offer is withdrawn and the silent auction process is begun.
See also[edit]
External links[edit]
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