Property Auctions >> Property Auction Blogs >> Property Auctions: What is sealed first-price auction?
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Monday, November 10, 2008
This is also known as sealed high-bid auction or first price sealed bid auction. In a sealed first price auction the bidders submit one bid in a concealed fashion. The bid amount is not reveled to anyone. The seller compares all the bids, and the highest bidder wins the bid and he pays the bid amount to the seller. Another type of bid is sealed second price auction. This is also known as vickrey auction. This type of auction is used at the gold exchange. A first sealed bid format has two parts-a bidding period in which participants submit their bids, and a resolution phase in which the bids are opened and the winner determined. First price sealed bid is also known as discriminatory auction when multiple items are being auctioned.
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