Ask the chairpersons and CEOs of Sotheby's and Christie's.

The holding of the auction

Decisions to suspend may be taken by auctioneers either on their own initiative or at the request of bidders.

What collection? The one to be auctioned.

One of the inherent features of an ERA is that it enables current information about the status of the auction to be provided to bidders automatically and instantaneously as an auction unfolds.

The sections below address aspects of pre auction, auction and post auction stages commonly regulated by ERA specific provisions of existing regulations.

Other measures may be required to be taken to set up an ERA and to ensure that all bidders are capable of participating in an ERA, for instance, through provision of training and holding simulated auctions.

AUCTION SALE

Following the holding of the auction on 10 and 11 July 1997, it was necessary to close the contract with the auctioneer, receive and record the proceeds and effect payment to the vendor.

Suspension of auctions

Sale of equipment at auction.

Article 47 bis. Conduct of electronic reverse auctions in the pre auction period

As offers are changed during an electronic reverse auction, this provision is inconsistent with the conduct of an auction.

In model 3 auctions, the winning bidder is not known until after the full evaluation of auctionable and non auctionable criteria.

A minimum period of time is usually required to elapse between the issuance of the notice of auction or invitation to the auction, as the case may be, and the opening of the auction.

Article 47 bis. Conduct of electronic reverse auctions in the pre auction period

Invitation to auction

Auction stage

Yeah, I sell them.

If, however, the auctioneer is disconnected for more than 10 minutes, the ERA is suspended and resumes on the date and time notified to the participants by the auctioneer through the COMPRASNET website.

The auctioneer may suspend the ERA until communications are re established with all interested parties or, if more than 10 minutes have elapsed, may postpone the event and set a new date and or time to resume the ERA.

(iii) The website address at which the electronic reverse auction will be held, and at which the auction rules, the tender and other relevant documents will be accessible

Bidders interested in a particular ERA have to register for it by expressing an interest at least 3 days prior to its opening date.

Article 47 ter. Conduct of electronic reverse auctions during the auction itself

Immediately after abortion of an auction, the reasons for the abortion shall be communicated at the Internet address fixed in the auction rules to those bidders who were last in participating in the auction (para.

At least one country, the United States, permits the reopening of the auction after an ERA had closed on the basis of a protest.

The Model Law does not deal expressly with ERAs, and certain provisions effectively prevent them.

A. Pre auction period

Pre auction stage

Post auction

Come to the auction tomorrow.

The Brazilian system permits bidders to challenge the time fixed for the auction and request extensions of the auction.

The auctioneer will return to the bidding session whenever it is possible to do so, without prejudice to the bids submitted during the time the auctioneer was disconnected.

Most information related to an ERA is made available to participants already at the stage of advertising a notice of auction, in particular in the auction rules.

In some systems, anonymity of bidders is preserved also after the auction.

The fact of suspensions and justifications are automatically reflected in the records of ERA.

They put these in auctions.

However, by contrast with the Austrian system, in the EU system, all features of the tender, auctionable and non auctionable, are to be evaluated prior to the auction in accordance with their relative weightings.

(ii) The website address at which the electronic reverse auction will be held, and at which the auction rules, the tender and other relevant documents will be accessible

In some systems, a general requirement is found to provide to participating bidders certain basic information about the progress of an auction on an on going basis, such as information that allows bidders to ascertain their current relative rankings, the number of bidders participating in the proceeding, and the time remaining for the reverse auction.

(c) The procuring entity may also at any time announce the number of participants in the auction but shall not disclose the identity of any bidder during the auction until the auction has closed.

Some delegations considered that only the price should be subject to auction, so as to ensure transparency in the process.

Other pre auction measures

Come along, child. The auction is about to begin.

The existing regulations usually regulate the timing of the auction, bidding requirements and the extent of disclosure of information during the bidding process.