Auction Rules and Regulations

Auction rules and regulations govern how items are offered, bid, and sold to ensure fairness and transparency. Bidders must follow set procedures, such as registering beforehand and adhering to bidding increments. The highest bid accepted by the auctioneer wins, but the seller typically sets a minimum price or reserve. Rules specify payment methods, deadlines, and item conditions. Once an item is sold, agreements are binding—no backing out. Violations, like shill bidding or bid rigging, are prohibited and can lead to penalties. Overall, these rules protect both buyers and sellers, ensuring a trustworthy and orderly auction process.