Time Requirements
Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction. The number of simultaneous bidders is of critical importance. Open bidding during an extended period of time with many bidders will result in a final bid that is very close to the true market value. Where there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy. Of special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final (winning) bid has become a binding agreement.
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Famous quotes containing the word time:
“And time brings down what is both strong and tall.
But plants new set to be eradicate,
And buds new blown, to have so short a date,
Is by his hand alone that guides nature and fate.”
—Anne Bradstreet (c. 1612–1672)