Public auction
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
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:
- 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
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 lead 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 citizens are welcome to bid in the auction and it is usually a busy and fast-paced affair. Bids are settled using 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 receive their item or have their appointment recorded
Bidding is usually in Thrones and Crowns. Citizens are asked to have payment ready when bidding in order to keep things moving smoothly.