What is the person who runs an auction called?
AnswerAuctioneer
The auctioneer calls bids and declares items sold.
Business · Facts & stats
Auction facts & stats
7 fact-checked facts about auctions, bidding and famous sales, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What does an auctioneer traditionally strike to close a sale?
AnswerA gavel
The fall of the gavel, or hammer, marks the sale.
Going deeper
In which auction type does the price start high and drop until someone bids?
AnswerDutch auction
Dutch flower markets famously used descending-price auctions.
Which auction type uses written bids on sheets and is common at charity events?
AnswerSilent auction
Bidders write their bids quietly instead of calling them out.
What is the fee added to the winning bid and paid to the auction house called?
AnswerBuyer's premium
It is usually a percentage of the hammer price.
Expert level
Which painting attributed to Leonardo da Vinci sold for about $450 million at auction in 2017?
AnswerSalvator Mundi
It set a record for a painting sold at auction.
What is the 'winner's curse' in auctions?
AnswerThe tendency of winners to overpay
The most optimistic bidder often wins and pays more than the item is worth.
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