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Advanced Method

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Advanced Method

Step 12:  Award the items to the highest bidders.

The record-keeper should examine all of the bids and reserve prices, and award each item to the highest bidder.  That bidder should be charged either the second highest bid or the reserve price, whichever is higher.

Hints:

Example 1:  

In the Snider auction, an estate liquidator has bid $1,050 for the walnut desk, so that is the reserve price.

Bob wins the lawnmower for $150 (the second highest bid) and the walnut desk for $1,050 (the reserve price). Mary wins the ceramic horse with rider for $300 (the second highest bid).  

  

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Copyright 2004  Lori Alden.  All rights reserved.