Dutch auction built on the exact opposite logic compared to a regular auction. During the Dutch auction, prices for lots put up for auction do not increase, but decrease.

Dutch auction scheme

The logic of holding a Dutch auction is based on the fact that the auctioneer selling the auction initially announces not the minimum, but the maximum price for the lot put up for auction. Theoretically, the auction could end right at this stage if one of the participants expresses a desire to purchase this product for the specified price. However, in practice, buyers most often wait for the price to begin to decline.

This is the next stage of the auction. If the auctioneer realizes that there are no people willing to pay the price he has set, he begins to reduce it. This is another significant difference between a Dutch auction and a regular one: during the latter, raising the price is usually the prerogative of the buyer, who thereby sets an acceptable range for the cost of the goods. During a Dutch auction, the buyer’s role is to wait until the auctioneer himself reduces the price of the goods to an acceptable price for him.

Nevertheless, it should be understood that you should not delay this wait too long: the lower the price falls, the more likely it becomes that there will be a buyer for whom it will be acceptable. In this case, the winner of the Dutch auction is the participant who first expressed a desire to purchase the goods at the price specified by the auctioneer.

Features of the Dutch auction

The Dutch auction process is usually largely automated. Thus, in the immediate vicinity of the places where the participants are located, there are special buttons that allow them to signal the auctioneer if they agree to purchase the goods at the price announced by him. At this moment, the auctioneer immediately sees the number of the buyer who pressed the button. This feature of the Dutch auction significantly speeds up its implementation compared to the usual scheme.

The Dutch auction got its name due to the fact that it was in this country that it was very widely used. In particular, it is used in the process of organizing the sale of famous Dutch tulips. At the same time, another feature of such an auction is that it is focused on the sale of wholesale quantities of goods, which means it allows you to sell large volumes of products for a relatively short period time.

From February 1, claims in all insolvent banks are put up for individual sale through Dutch auctions.

A lot has been said, presented and analyzed about the new procedure, but for many it remains a big mystery - how does the “Dutchman” function? What are its features and advantages compared to the classical (English) auction model? The advantages are obvious, and we will look at them now.

Stages of the Dutch auction

Let's start by looking at the Dutch auction procedure, which consists of three stages:

1. Dutch stage.
2. Feed stage closed price offers.
3. Submission of a price proposal by the participant who became the winner of the first stage - Dutch.

It seems like three simple steps, but there are certain features on each of them, which may become decisive for the auction participant. The auction typically starts around 9:30 am and ends around 5:00 pm. During this time, all three stages take place and the winning bidder is automatically determined.

First stage- provides for a step-by-step price reduction - every 5 minutes by 1% of the initial selling price of the asset. That is, from the start of the auction you can immediately see how much the price of the lot will “fall”. This is very convenient for the participant, because in the morning he can determine the current price for himself and understand how much he should place a bet through personal account on the electronic platform.

Illustration of the fall in price for an asset during the Dutch stage of the auction.

This is what the “schedule” of the price drop for an asset looks like at the Dutch stage of the auction. This stage is decisive for the participant, because only one participant can stop him, and, of course, the lower the price falls, the greater the risk that another participant can place a bet.

It is important that at this stage The number of registered bidders or the number of bidders viewing the auction is not displayed. In this way, the principles of equality and fair competition are ensured.

Becoming the winner of the Dutch stage is a strategic move that provides an important advantage for further participation. Namely, the participant who stopped Dutch stage has the opportunity to see all the bids of other participants and make your own, that is, make the last, final move of the auction.

Second stage— presentation of closed price offers. Participants in this stage are all registered, except for the winner of the Dutch stage, who is in a waiting status. During this stage, participants register their bets within 10 minutes, which cannot be lower than the price at which the Dutch stage was stopped.

It is important that the bets and the titles/names of the participants are private. Both users and participants see only the price at which the Dutch stage was stopped, because they have the right to make their bid no less than this price, taking into account one step of the auction.

The third stage lasts 5 minutes, the winner of the Dutch stage has the right to make his decisive bet. With the start of the last stage, the bets of the participants who made them in the previous stage are opened, but the titles and names of the participants still remain closed. It is in this round that the advantage of the first winner opens up, because he gets the right to take his last step. But let us pay attention to what exactly has the right and not the obligation.

After the end of the last stage, the system automatically determines the winner of the auction - the participant who provided the highest price offer based on the results of the Dutch auction. It seems like a simple procedure, but it has its own subtleties and features that can become decisive when participating, and therefore must be determined before the start of the auction to exclude force majeure circumstances, where even the most minor mistake during the auction on the part of the participant can cost a lost agreement.

Advantages and features of Dutch and classic auctions

The Dutch auction model allows you to sell property in one day, while classic model involves a step-by-step reduction in price at each individual auction, of which there could be up to 8. That is, either in one day on the Dutch, or 8 separate auctions over three months. Of course, this opportunity for the Dutchman is relevant for the sale of bank property, because the latter have a limited period of liquidation, that is, the sale of assets. In addition, banks have hundreds and thousands of assets and a limited resource of employees, and therefore announcing an asset for sale once or 8 separate ones is a significant difference in optimizing the sale process.

It is also interesting that the Dutchman allows the participant to register his application for participation on the day of the auction. During a classic auction, the participant is limited to registering his price offer until 20:00 last day acceptance of such proposals.

Perhaps the most relevant characteristic of the Dutch auction is that the procedure involves determining the winning bidder, even if only one participant came to the auction. After all, the classical model requires only two participants to maintain competitiveness and the technical ability to determine the winner. That is, if only one participant stopped the Dutch stage of the auction and there were no more registered participants, after the end of the closed bid submission stage, he will be automatically determined by the system as the winner of the auction. It is very simple and convenient for the prompt sale of assets.

Comparative table of classic and Dutch auctions.

23 Jul 2008

I accidentally came across it on the Internet, maybe someone else will be interested...

The Dutch in Europe have always been considered the most cunning traders. Being
once one of the great maritime powers, they brought from their
overseas colonies a bunch of all kinds of exotic junk and sold them on
auctions. But during auctions there is always the possibility that
buyers will collude and buy at a low price. And then the Dutch
came up with a trick. Unlike the traditional system, the owner of the goods
offers it at an initially inflated price, and then gradually reduces it
her, keeping in mind a certain minimum, after which he will simply remove the lot
from auction Whoever shouts first: “I’ll take it!”, is the one who bought it. Nobody knows
what price the seller considers minimally acceptable for himself, as well as
what price competitors are willing to buy, so the selling price in Dutch
auction always turned out to be higher than at traditional auctions.

There are no obstacles to organizing such auctions now. By the way, I couldn’t find normal literature on auctions, competitions, tenders. Almost everything that exists is dedicated to the state. procurement

If everything has collapsed and there is nothing to store, remain calm.

23 Jul 2008

Here's what I have on this topic:

REGULATIONS on the procedure for selling property **** (lot No. 2) at open auction in the form of an auction
I. General provisions.
1.1. These Regulations determine the procedure for holding on December 26, 2005. at 13-00 o'clock. open bidding in the form of an auction according to the Dutch system (to increase or decrease the starting price to the cut-off price, but not lower than the cut-off price) with an open price offer (hereinafter referred to as the Bidding) for the sale of property **** (lot No. 2), and namely movable property in the amount of 76 items according to the list (hereinafter referred to as the Property), conditions for participation in the auction, procedure for determining the winner.
1.2. The organizer of the auction is the bankruptcy trustee **** Yakimidi L.R.
1.3. The terms, procedure and conditions for the sale of property **** are approved by a meeting of creditors at the proposal of the bankruptcy trustee ****.
1.4. The starting sale price of the Property is determined based on the results of an independent assessment. The cut-off price is determined based on the proposals of applicants for the acquisition of PROPERTY. The size of the bidding step, the size of the deposit, and the size of the fee for participation in the bidding are determined by the bidding organizer.
II. Conditions of participation in the auction.
2.1. Individuals and legal entities (hereinafter referred to as the Applicants), recognized in accordance with the legislation of the Russian Federation as buyers who have the right to purchase the Property, who have submitted an application in a timely manner in accordance with the conditions specified in the notice of auction published in " Rossiyskaya newspaper" dated November 26, 2005 No. 267 (3936). The responsibility to prove his right to participate in the auction lies with the applicant.
2.2. To participate in the auction, applicants submit the following documents to the Organizer of the auction within the period established in the notice of auction (duly certified copies: notarized or by the issuing authority):
- For individuals: passport; tax registration certificate; consent of the spouse to conclude a purchase and sale agreement; payment documents confirming the payment of the deposit and fees for participation in the auction; the representative of the applicant - a duly executed power of attorney;
- for legal entities: constituent documents; certificate of inclusion in the unified state register of legal entities; tax registration certificate; certificate of the State Statistics Committee of the Russian Federation on the assignment of codes; certificate of state registration; decision of the relevant management body of the applicant authorizing participation in the auction and acquisition of the Property; payment documents confirming the payment of the deposit and fees for participation in the auction; the representative of the applicant - a duly executed power of attorney;
other documents - only in cases expressly provided for by the legislation of the Russian Federation for the acquisition of Property.
2.3. The deposit and fee for participation in the auction are considered received by the auction organizer from the moment they are credited to the account ****.
2.4. The applicant's application is accompanied by an inventory of the submitted documents signed by the applicant in 2 copies, one of which remains with the applicant, the other with the Organizer of the auction.
2.5. The auction organizer does not accept applications with documents attached to them:
- received after the deadline for accepting applications specified in the tender notice;
- filed by a person not authorized to carry out such actions.
2.6. A note indicating the refusal to accept the application, indicating the reason, is made by the Auction Organizer on the list of documents submitted by the applicant, one copy of which remains with the Auction Organizer. Application and documents of the applicant, not accepted by the Organizer bidding, are returned to the applicant along with a list of documents (with a note of refusal to accept) by handing them over to the applicant against signature or by registered mail with acknowledgment of receipt.
2.7. The applicant is not allowed to participate in the auction if:
- the documents submitted by the applicant do not confirm the applicant’s right to be a buyer in accordance with the legislation of the Russian Federation;
- the applicant has not submitted all documents according to the list specified in these Regulations;
- the copies of documents submitted by the applicant are not properly certified;
- the documents submitted by the applicant do not comply with the requirements of the legislation of the Russian Federation;
- the receipt of the deposit and/or payment for participation in the auction on the account **** within the established period has not been confirmed.
2.8. Before the bidder is recognized as a bidder, he has the right to withdraw the registered bid by written notification to the Bidding Organizer. In this case, the deposit received from the bidder must be returned within 5 banking days from the date of receipt by the Auction Organizer of the notice of withdrawal of the application, while the fee for participation in the auction is not returned to the bidder.
2.9. If the Bidding Organizer accepts the bidder's application, the bid and the documents attached to it are sealed by the bidder in the presence of the Bidding Organizer in an envelope, which is signed by the bidder.
2.10. The auction organizer ensures the safety of applications submitted by applicants with the documents attached to them, as well as the confidentiality of information about the number of applicants, about applicants who submitted applications, about the contents of the documents they submitted until they are announced at a meeting of the auction commission.
III. Preparation for bidding.
3.1. The auction organizer in accordance with the legislation of the Russian Federation and these Regulations:
3.1.1. Organizes the preparation and publication of tender notices.
3.1.2. Accepts applications from applicants and keeps records of them as they are received in the application acceptance register, indicating the date and time of its receipt.
3.1.3. Concludes a deposit agreement with applicants.
3.1.4. Forms an auction commission, determines its tasks and powers, approves its personal composition, and appoints the chairman of the auction commission.
3.1.5. On the day of bidding, submits received bids with the documents attached to them to the auction commission.

23 Jul 2008

3.1.6. Provides the auction commission with information about the deposits received at the account **** and the fee for participation in the auction, indicating the name of the applicant who made the deposit, the amount of the deposit and the date of its receipt.
3.1.7. Approves all documents drawn up by the auction commission during the bidding.
3.1.8. Concludes a purchase and sale agreement for the Property with the winning bidder.
3.1.9. Makes settlements with bidders, participants and the winner of the auction.
3.1.10. Ensures the transfer of the Property to the winning bidder.
3.1.11. Carries out the transfer and cancellation of trades.
3.2. From the moment applications begin to be accepted, the Auction Organizer provides each applicant with the opportunity to familiarize itself with these Regulations, the application, the deposit agreement, as well as other information it has about the Property being sold on the basis of a written application from the applicant.
3.3. The auction organizer, together with the auction commission, reviews the received applications with the documents attached to them and determines their compliance with the requirements of the legislation of the Russian Federation and these Regulations on the day of the auction.
3.4. The tasks of the auction commission during the auction are:
- checking the compliance of the submitted documents of the applicants with the requirements of the law and the tender notice;
- direct bidding between all participants;
- identifying the winner of the auction and monitoring compliance with the established procedure for conducting the auction.
3.5. Based on the results of reviewing the documents of the applicants, the auction organizer makes a decision on the admission of applicants to participate in the auction or refusal to admit them to participation in the auction.
3.6. Based on the results of reviewing the bidders’ documents, the auction organizer has the right to make the following decisions:
- about the postponement of trading;
- refusal to conduct auctions.
3.7. In the cases provided for in clause 2.6. of these Regulations, the Organizer of the auction makes a decision to refuse the applicant to participate in the auction, and in the protocol of admission to participation in the auction a note is made about the reason for the refusal of the applicant to participate in the auction.
3.8. The applicant acquires the status of a tender participant from the moment the tender organizer signs the protocol on admission to participation in the tender.
3.9. Meetings of the auction commission are held with the attendance of more than half of its members from the list. The progress of the auction and the results of the auction are documented in a protocol signed by the chairman and members of the auction commission.
3.10. The final protocol of the auction commission, which records the results of the auction, is signed by all members of the commission who agree with decisions taken. Decisions are considered adopted if they are signed by a majority of the members of the commission from the list of the commission.
3.11. Members of the commission who do not agree with the decisions made have the right to justify their position in writing; this document is attached to the protocol on the results of the auction.

IV. Bidding procedure.
4.1. Bidding for participation in which no application was submitted, or none of the applicants is recognized as a participant, or in which only one participant took part, is considered invalid.
4.2. The auction is conducted by the auction organizer, acting as an auctioneer, in the following order:
4.2.1. One authorized representative of the bidder has the right to participate in the auction; the presence of other persons is allowed if they are registered in the protocol of those present. During the auction, the auctioneer has the right to take video and photos, which is noted in the participant registration protocol.
4.2.2. The auctioneer announces the following information before the start of the auction:
- name of the property sold at auction;
- names of applicants who submitted bids for the auction;
- names of participants admitted to participation in the auction;
- starting price, cut-off price, deposit size, step and procedure for changing the price;
- bidding procedure.
4.2.3. During the bidding, a bidding protocol is kept, which is signed by all members of the auction commission and approved by the auctioneer.
4.2.4. The auctioneer begins the auction with the starting sale price of the Property.
4.2.5. If the auctioneer names the starting price, and no buyers for the Property at the starting price are identified, the auctioneer lowers the starting price by a bidding step. In this case, the winner is the participant who was the first to offer the highest price for the Property, but not lower than the cut-off price, provided that the other participants did not raise cards for the price offered by the auctioneer.
4.2.6. If the auctioneer, lowering the starting price by the next bidding step, reaches the cut-off price, and none of the participants raises the card, then the auction is declared invalid and the property is removed from the auction.
4.2.7. If the auctioneer names the starting price and more than one buyer (the participant who raised the card) is identified, or if the auctioneer names the bid price - the starting price minus the bidding step, and more than one buyer (the participant who raised the card) is identified, then the auction in these cases is carried out by raising the price proposals per bidding step.
4.2.8. When bidding by raising the price, further bidding begins with the bid price at which more than one buyer has emerged, and only persons who have expressed their consent to this price named by the auctioneer participate in the bidding.
4.2.9. The auctioneer names the price for the Property, increasing it by a bidding step; participants express their agreement to the price proposed by the auctioneer by raising their cards. A participant who has not expressed his consent (has not raised his card) to the price offered by the auctioneer does not participate in further trading. The auctioneer names the bid price until the moment when only one participant agrees with the price proposed by the auctioneer or until the moment when none of the participants raises a card indicating their agreement with the proposed price.
4.2.10. If the auctioneer announces the next step of the bidding and none of the participants raises a card indicating their agreement with the proposed price, then the winner is considered the participant who first raised the card at the previous proposed price announced by the auctioneer.
4.3. The winner of the auction is the person who offered the highest price for the property and, accordingly, higher than the price offered by other participants.
4.4. The auction is considered completed and the sale price of the property is set after the third blow of the hammer, which means that the participants have accepted the last price offered by the auctioneer.
4.5. The auction winner is determined by the auctioneer together with the auction commission. In case of disagreement between members of the auction commission, the issue of determining the winner is decided by the auctioneer.
4.6. After the auction is completed, the auctioneer announces the completion of the auction, the fact of the sale of the property, names its sale price and the card number of the winner of the auction.
4.7. The protocol on the results of the auction is drawn up in 2 copies, signed by members of the auction commission and approved by the auctioneer on the day of the auction.
4.8. The protocol on the results of the auction, from the moment of its approval by the auctioneer, acquires legal force and is a document certifying the winner’s right to conclude a contract for the sale of Property. A notice of recognition of the bidder as the winner and one copy of the protocol based on the results of the auction are issued to the winner against receipt, or in the event of the bidder refusing to receive the notification, they are sent by registered mail with acknowledgment of delivery no later than 3 days from the date of approval of the protocol by the auctioneer.
4.9. After the end of the auction, the bidders and the auctioneer sign a certificate of completion of the work based on the results of the auction.
4.10. The amounts of deposits made by applicants (except for the winner) are returned by the auction organizer by non-cash transfer within 5 banking days from the date of approval of the protocol based on the results of the auction. Bidding fees are non-refundable.
V. Conclusion of the contract and the procedure for notifying participants about the results of the auction.
5.1. The winner of the auction is obliged to conclude a purchase and sale agreement with **** no later than 5 working days from the date of approval of the protocol based on the results of the auction.
5.2. Payment for the Property by the winner is made within 30 calendar days from the date of conclusion of the purchase and sale agreement for the Property minus the deposit paid.
5.2.1. The fact of payment for the Property is confirmed by statements from the account **** about receipt cash in the amount and within the terms specified in the purchase and sale agreement.
5.2.2. The deposit paid by the winner to the account **** is counted towards payment for the purchased Property.
5.3. The transfer of the Property to the winning bidder and the registration of the transfer of ownership rights are carried out in the manner established by the legislation of the Russian Federation and the purchase and sale agreement after full payment of the Property.
5.4. The auction organizer notifies participants about the results of the auction publicly on the day of the auction after the auction and the signing of the protocol on the results of the auction.
5.5. The notice of auction results contains the following information:
- name and location of the sold Property;
- starting and selling price of the Property, name of the auction winner.

Dutch auction - English Dutch Auction

1. An auction structure for a public offering in which the bid price is set after all bids have been accepted and the highest price at which the entire bid can be sold has been determined. In this type of auction, investors bid on the amount they are willing to buy, specifying a quantity and a price.

If a company uses a Dutch auction for an IPO, potential investors submit their proposals for the number of shares they want to purchase and indicate the price they are willing to pay. For example, an investor might bid 250 shares for $750, while another investor might bid $595 for 300 shares.

Once all bids have been submitted to the bidder, the shares are distributed among the bidders, starting with the highest bidder, until they are completely distributed. However, the price that each bidder pays will be the lowest of all those offered, that is, determined by the last successful bid. Therefore, even if an investor bid $500 for 800 shares, and the last successful bid was $375, he would only have to pay $375 for his 800 shares.

The US Treasury (and other countries' treasuries) uses a Dutch auction to sell securities. The Dutch auction also provides alternative bidding for IPO pricing. When Google launched its public offering, it relied on a Dutch auction to get a fair price for its shares.

2. A type of auction in which the price will be lowered until one of the bidders makes a bid. The first bid made is considered a successful auction bid and will constitute a sale if the bid price is higher than the reserve price. This type of auction differs from the classic one, in which the price increases as a result of competition between bidders.

For example, an auctioneer starts at $2,000 for an object. If there are no bidders, the price is reduced by $100. The property will be sold once the bidder accepts that last price, which the auctioneer announces, says $1,500.

IN Russian Federation several are currently running trading platforms organizing public sales - auctions, including online auctions, at which potential buyers are informed about the opportunity to buy or sell various types property: objects, property rights, rights of claim, accounts receivable, accounts payable, shares, shares in the authorized capital.

Most common auctions:
• car auctions(auto auction), auction of special equipment, auction of motorcycles and other transport (water, air, rail);
• real estate auctions(apartments, country and commercial), as well as land auctions (land auctions);
• property auctions(equipment, coins, paintings, antiques, government auctions);
• auctions lease rights and the right to conclude a contract, auction for supply or procurement.

Various types of sale of property and property rights are possible, depending on the presence of encumbrances ( bail, arrest, restriction of registration actions) and stages of implementation: monitoring(accepting offers from interested buyers, followed by determining the initial sale price of the property) - the so-called "pre-sale"— studying the demand for property, with a parallel assessment, in cases where the assessment is required; extrajudicial (voluntary) sale collateral or non-collateral property; sale of property by bailiffs as part of enforcement proceedings, through auction or commission (commission agreement); sale of property at auctions (auctions).

Depending on the decision made by the bank and the borrower, the leasing or insurance company, arbitration managers and various legal entities it is possible to determine the most effective system for selling property.

We invite you to familiarize yourself with information about Auctions (bidding).

Auction Definition

Auction(from lat. auctio - “multiplication” or "sale by public auction") - public sale of goods, securities, enterprise property, works of art and other objects, which is carried out according to pre-established auction rules.

Auction form. Participation in the auction

It all starts with providing necessary documents. Depending on the type of property put up for auction, the sets of documents may differ. For example, for holding an auction for the sale of real estate is necessary provide: a certificate of ownership, a purchase and sale agreement or a lease agreement, as well as other documents on the basis of which ownership rights arose; cadastral passport, extract and Unified state register rights to real estate and transactions with it, certificates of the absence or presence of encumbrances; description of the object and other documents characterizing the material and technical condition of the object (utility agreements, payment reconciliations, lease agreements, etc.). After submitting documents through an appraisal, the seller is recommended a starting bid price. Next, the main conditions of the auction are agreed upon.

Worldwide experience in holding auctions shows that in the process of holding auctions for investment-attractive objects, with the condition of setting the initial sales price that is most attractive to potential buyers of the property, the auction may exceed the possible upper level of the market price of the property. After the condition, the auction step and the size of the deposit paid by the participants are agreed upon. In conclusion, the system (type) of the auction and the date of the auction are agreed upon.

Types of auction

There are several main types of auctions in the bidding system - an auction using the English system and an auction using the Dutch bidding system.

English system (English auction)- an auction in which a minimum starting price is set, and during the bidding process the price gradually increases. The final price is formed during the auction and is determined as the last maximum offered by the participants. This happens by raising the card by the auction participant for the price announced by the auction organizer. When the person conducting the auction has identified the first participant to raise the card, the price of the lot increases by one step. The auction step is specified in the auction conditions. The end of the auction occurs after three announcements by the auctioneer (the person conducting the auction) of the price of the lot and after that none of the persons participating in the auction offers a higher price by raising a card with an increase in the price of the lot by one step. The winner of the auction is the auction participant who offers the highest price. Failed auction(auction) are recognized if none of the participants agreed to pay the starting price for the item. In this case, the auction (bidding) is terminated, and the organizer of the bidding (auction) declares it invalid.

Dutch system (Dutch auction)- an auction in which the seller determines the so-called cut-off price (the lower limit of the cost of the lot; below this limit he will not sell the lot). In such a system, options for increasing or decreasing can be used, namely, if at the beginning of the bidding (auction) one of the participants agreed with the initial price, then the auction (bidding) is then held for increasing according to the English system (in accordance with the English auction system ), and if none of the participants in the auction (trading) agreed with the starting price (did not raise the participant’s card), then the auction (bidding) will be held downward until the cut-off price is reached in the process of reducing the cost, if during none of the participants will agree with one of the proposed (lowering) prices. After this, bidding begins again in the direction of increasing the value of the lot. If none of the participants shows interest and does not raise the card (i.e. does not agree with the price announced by the auctioneer when raising it), then in this case the bidding stops, and the winner is the participant who offered the maximum price.

What is a trading session? It should not be confused with an English or Dutch auction (bidding), because it was created on the basis of the English system (auction), i.e. bidding for an increase, but takes place without announcing the initial price of the lot (object of sale). The seller of the property determines the minimum price of the property. Bidders make their offers until the maximum supply is identified, i.e. the maximum price is offered. If during the bidding (auction) the minimum price set by the owner is reached or exceeded, then the bidding is considered completed, and the lot is accordingly sold at the last price (maximum) announced by the bidder. And if the seller (property owner) does not reach the minimum specified price, the auction is stopped by the person conducting the auction, and the auctioneer requests the property owner (seller or representative) consent to sell the lot at the price reached during the trading session. If the seller decides to sell the property at the proposed price, the auction ends. If the owner refuses to sell the lot (object) at the proposed price, then the participants in the trading session are invited to continue trading, i.e. bargain for an object (lot) offered by the seller.

There is also exclusive forms of property sales, under which all conditions are determined individually.

An auction for one of the selected types is carried out in strict accordance with the previously agreed terms of the auction.

Currently, auctions (bidding) in Russia are becoming more public and open.
The Committee for Working with Problem Loans of the Association of the North-West recommends that you carefully study the terms of auctions and be sure to check the information with the organizers of auctions (trading) on ​​all questions of interest.

Head of the Department for Execution of Judicial Acts of the Legal Directorate
OJSC "Bank "St. Petersburg"
Chairman of the Problem Loans Committee
Association of Banks of the North-West
Martynov Oleg Viktorovich