Auctions need to be precisely configured in order to minimize valuation uncertainty and maximize bidder competition.
This configuration includes:
In order to compete effectively, bidders need enough information to be confident that the auction process is fair, and that there is a level-playing field. However, care needs to be taken to avoid giving bidders information which they can use to 'game' the auction. Care needs to be taken to prevent side-channel communication between bidders and the auctioneer, and between coalitions of bidders who wish to collude.
Auctionologies understands the critical role of managing the communication between the auctioneer and bidders. This includes pre-auction notices and announcements, intra-auction messages from the auctioneer to bidders, and post-auction reporting of results.
Key to the success of an auction is that bidders need to fully understand the 'rules of the game'. Reading the auction rules alone is insufficient. Bidders need to participate in mock auctions with the same parameters as those in the actual auction. Additionally, to minimize collusion, bidders need to be trained individually, rather than together.
Auctionologies staff have training hundreds of bidders, and have developed efficient training protocols.
Careful selection of the starting price, and timing of the its announcement are critical. Auctionologies understands the need for detailed monitoring of the auction process. This includes early detection of bidders having technical or other difficulties, and timely preventative intervention to assist these bidders.
Auctionologies auction experts:
3001 Bridgeway, Suite 361
Sausalito, CA 94965