It's been a while since we had an auction in CLOK. I do recall from years back, that the system employed was the one known as "Second-Price Sealed-Bid Auction", an official description of which could be viewed here: https://www.econport.org/econport/reque ... ricesealed
To summarize the content of the link by an example, if 5 player characters mailed in bids for the ebony and oak saddlebag coffer with thick straps, and the amounts of those bids were 200,000, 300,000, 400,000. 600,000 and 1,000,000 riln, the character who placed the million riln bid would win the auction, but the price he would pay would be the amount of the second-highest bidder, in this hypothetical example, the 600,000 riln.
So my question is, will this current festival auction continue in CLOK tradition with using this Second-Price bidding method? Thank you.
Clarification of Rules of Auction
Re: Clarification of Rules of Auction
Given the small number of bidders in our auctions, the price you bid is the price you will pay. Please keep this in mind when placing bids.
Speaking to Dionisia, Eagalon apologetically says, "I am sorry that you also had to suffer this time too. but i definitely think that some arse hole is targetting me."
Dionisia says, "I could barely see in front of me."
Vlora says, "Is someone just really ripping a good one everywhere they go."
Aelarra quietly says, "Definitely an aeromancer."
[EVENTCHAT Uyoku]: Sorry cat laying in tap, tying hard.
Dionisia says, "I could barely see in front of me."
Vlora says, "Is someone just really ripping a good one everywhere they go."
Aelarra quietly says, "Definitely an aeromancer."
[EVENTCHAT Uyoku]: Sorry cat laying in tap, tying hard.