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Public auction

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<quote by="Azul i Camra i Riqueza">Inscribed in every contract ever written. Spoken in every deal ever made. The value of money is the one truth that every person knows. </quote>
{{CaptionedImage|file=TallyTheWinnings.jpg|align=right|width=350|title=Agent of the Bourse, Marta Kovar calculates the money due to sellers in the Public Auction}}
{{CaptionedImage|file=TallyTheWinnings.jpg|align=right|width=350|title=Agent of the Bourse, Marta Kovar calculates the money due to sellers in the Public Auction}}
==Overview==
==Overview==
The public auctions in Anvil are seasonal opportunities for citizens to sell their goods. Goods are sent in advance to the Bourse by Imperial citizens who want a good price but have neither the inclination nor the time to attend the meetings at Anvil, with a proportion of lots left open for the submission of items by those who do attend the summits. When trade relations with Foreign Nations are favourable, items may even be send to the public auction from outside the Empire.
The public auction is used by the Imperial Bourse seats to appoint those positions which are settled by [[Auction of the Seats]].


Most goods sold are [[Materials|materials]], [[Herb|herbs]], [[Game_items#Mana_Crystals|mana crystals]], [[Game_items#Liao|liao]], building materials ([[mithril]], [[weirwood]] & [[white granite]]) and occasionally even [[ilium]], but any item of value which it is legal to sell may be submitted. Such offerings include art and crafts, artisan-crafted items, food and drink, and occasionally more remarkable lots such as invitations to exclusive parties, or commissions by notable artists, poets or musicians.
Which seats are available for auction follows a set pattern:
* [[Weirwood]] seats are auctioned at the Winter Solstice
* [[Ilium]] seats and the [[Master of the Imperial Mint]] are auctioned at the Spring Equinox
* [[White granite]] seats are auctioned at the Summer Solstice
* [[Mithril]] seats are auctioned at the Autumn Equinox


==Auction sessions==
In addition the two [[Bearer of an Imperial Wayleave|Bearers of an Imperial Wayleave]] and the [[Arbiter of the Rogue Declaration]] are all auctioned at every summit.
Public auctions are held on each evening, with two at each summit. The timing and location can be found in the [[Event schedule|event schedule]] and on signs around Anvil.


Each auction will have a maximum of 60 lots, and usually lasts up to one hour. The Senate building is the preferred location, but occasionally another meeting or event will take precedence and the Auction will move to another suitable location.
At the end of the Auction of the Seats a single dose of [[Liao#True_Liao|true liao]] is auctioned off, with the winning bid contributed to the [[Rewarding|Virtue Fund]],


__TOC__
==Auction sessions==
The public auction is held on Saturday, and the timing and location can be found in the [[Event schedule|event schedule]] and on signs around Anvil. The Senate is the preferred location, but occasionally another meeting or event will take precedence and the auction will move to another suitable location.


===Auctioneer===
===Auctioneer===
The proceedings are lead by an auctioneer, who is usually an [[Civil_servants#Agents_of_the_Bourse|Agent of the Bourse]], a member of the Civil Service. Each has their own style and the role is a fine balance of keeping order, ensuring fair access to the auction for all present and hosting a time-honoured Imperial spectacle.
The proceedings are led by an auctioneer, who is usually an [[Imperial Civil Service#Agents_of_the_Bourse|Agent of the Bourse]], a member of the Civil Service. Their role is a fine balance of keeping order, ensuring fair access to the auction for all present, and hosting a time-honoured Imperial spectacle.


In times when Civil Service numbers in Anvil are low a citizen-auxiliary has been recruited. This has been caused in the past by the Senate requiring Civil Servants to  [[Employ_Civil_Service_to_observe_Fleets_II|observe fleet behaviour]] to prevent piracy and by [[Bloody_murder|attacks on Civil Servants]]. However the impartial nature of the Auctioneer is a vital part of the auction, so a Civil Servant is always preferred.
Another Agent of the Bourse will usually be responsible for recording the the winning bids, taking the money, and giving out the purchased items.
 
===Auction clerk===
Another Agent of the Bourse will usually be responsible for recording the the winning bids, taking the money and giving out the purchased items.
 
Civil Servants with an aptitude for this role usually come from trade backgrounds and their ability to handle transactions swiftly in all conditions is legendary.  


===Participation===
===Participation===
All citizens are welcome to bid in the auction and it is usually a busy and fast-paced affair.  
All Imperial citizens are eligible to bid in the auction and it is usually a busy and fast-paced affair. Bids are settled using [https://en.wikipedia.org/wiki/Auction#Driven_by_bidders_only an open ascending price auction].


The usual format is as follows:
The usual format is as follows:
* The Auctioneer reads out a section of the list (usually 10 lots)
* The auctioneer reads out the complete list of lots.
* Bidding begins on each item in turn, with the Auctioneer suggesting an opening bid if none is forthcoming
* Bidding begins on each item in turn, with the auctioneer suggesting an opening bid if none is forthcoming
* A clear unique bid is taken from the first person seen and heard to give it, and bidding goes up until a winner is determined
* A clear unique bid is taken from the first person seen and heard to give it, and bidding goes up until a winner is determined
* The winner goes immediately to the Auction clerk to pay and receive their item
* The winner goes immediately to the auction clerk to pay and have their appointment recorded
At the end of each section there is a short pause to clear any queue of purchasers and then the process repeats
 
Bidding is usually in [[Currency|Crowns]] and quarter/half crowns with building materials and Ilium in Thrones and Crowns. Citizens are asked to have their money ready when bidding in order to keep things moving smoothly.
 
As the lots submitted in Anvil tend to be more unusual, these may be taken one at a time allowing for further information from the seller or short testimonials from the assembled on the characteristics of the item on offer.
 
==Selling in the Auction==
Citizens wishing to add an item to the Public Auction may do so at the Civil Service Hub. The deadline is 1 hour before the auction starts, or when the list reaches 60 lots whichever is sooner. To give fair opportunity to all citizens to enter items in the auction, each citizen may enter a maximum of 3 lots, and each of their lots must be of a different type.
 
Mixed lots may be entered if desired - a method sometimes used by the Magistracy to dispose of the seized assets of criminals, the profits of sale being equivalent to a fine.
 
Items of food and drink are often entered, but citizens are asked make information on the ingredients available where possible to enable prospective buyers to make an informed choice on whether or not to bid.
 
The seller does not need to be present at the auction, but more unusual items do sell better if there is someone there to give details.
 
===Cost of listing===
There is a fee of 10 rings to list each item which is non-refundable. If the item sells 1/10 (one tenth) of the sale value will be deducted for administrative costs, less the 10 rings listing fee. If one tenth is 10 rings or less, nothing further is deducted.
 
The seller can place a reserve on an item at no additional cost. The item will not be sold if the reserve is not met, and can be collected after the auction from the Hub. If the seller is present in the auction, they can choose to accept the highest bid offered if they wish.
 
 
<b>Example 1:</b>
<i>
* An item is sold for 12 crowns
* one tenth is 1 crown 4 rings
* deduction for administration is 14 rings
* payment to the seller is 11 crowns 6 rings </i>
 
 
<b>Example 2:</b>
<i>
* An item is sold for 4 crowns
* one tenth is 8 rings
* no further deduction
* payment to the seller is 4 crowns</i>
 
===Submitting the item===
Items need to be with the Civil Service by an hour before the Auction. They are usually brought when the listing fee is paid, but can be brought later if required. Items such as herbs, mana and magical items will only be accepted with a suitable [[Game_items|phys-rep]], which can be a suitable-sized container if preferred (e.g. a pouch for mana or herbs, a sack or large box for armour).


Unless the seller specifies that the phys-rep should be sold as part of the lot, it must be returned by the purchaser to the Hub and the seller can collect from there later in the event. Any phys-reps not collected by the end of the event will be taken to lost property at GOD.
Bidding is usually in [[Currency|thrones and crowns]]. Only mana crystals are accepted in the auction for the position of [[Arbiter of the Rogue Declaration]]. Citizens are asked to have payment ready when bidding in order to keep things moving smoothly.


===Collecting payment===
{{Bourse Further Reading}}
Auction earnings will be available at the Hub the following morning after the Auction. In exceptional circumstances (e.g. if the seller will be leaving before the following morning) the money may be available earlier by arrangement with the Civil Service.
* [[Rules_update_2021#Scaling_Back_the_Public_Auction|Scaling back the public auction]]

Latest revision as of 21:43, 13 May 2024

Inscribed in every contract ever written. Spoken in every deal ever made. The value of money is the one truth that every person knows.

Azul i Camra i Riqueza
Agent of the Bourse, Marta Kovar calculates the money due to sellers in the Public Auction

Overview

The public auction is used by the Imperial Bourse seats to appoint those positions which are settled by Auction of the Seats.

Which seats are available for auction follows a set pattern:

In addition the two Bearers of an Imperial Wayleave and the Arbiter of the Rogue Declaration are all auctioned at every summit.

At the end of the Auction of the Seats a single dose of true liao is auctioned off, with the winning bid contributed to the Virtue Fund,

Auction sessions

The public auction is held on Saturday, and the timing and location can be found in the event schedule and on signs around Anvil. The Senate is the preferred location, but occasionally another meeting or event will take precedence and the auction will move to another suitable location.

Auctioneer

The proceedings are led by an auctioneer, who is usually an Agent of the Bourse, a member of the Civil Service. Their role is a fine balance of keeping order, ensuring fair access to the auction for all present, and hosting a time-honoured Imperial spectacle.

Another Agent of the Bourse will usually be responsible for recording the the winning bids, taking the money, and giving out the purchased items.

Participation

All Imperial citizens are eligible to bid in the auction and it is usually a busy and fast-paced affair. Bids are settled using an open ascending price auction.

The usual format is as follows:

  • The auctioneer reads out the complete list of lots.
  • Bidding begins on each item in turn, with the auctioneer suggesting an opening bid if none is forthcoming
  • A clear unique bid is taken from the first person seen and heard to give it, and bidding goes up until a winner is determined
  • The winner goes immediately to the auction clerk to pay and have their appointment recorded

Bidding is usually in thrones and crowns. Only mana crystals are accepted in the auction for the position of Arbiter of the Rogue Declaration. Citizens are asked to have payment ready when bidding in order to keep things moving smoothly.

Core Brief

Further Reading

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