How does an auction work?

Lots are sold in number order. When the auctioneer starts the lot, they will call for offers or may suggest a starting bid. A bidder signals to accept the price offered by the auctioneer. Once the bidding begins the price will step up in regular increments each time a bidder bids. The bidding increment is usually around 10% of the price although the auctioneer may elect to set a higher or lower bidding increment at various times in the auction.

For example bids around $100 will be at $10 increments whereas bids at $1000 will be at $100 increments.

Once there are no further bids on a lot, the highest bidder becomes the winner and purchases the lot at the final bidding price - this is called the “hammer price”.