English auction, also known as an open ascending price auction. This type of auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. In some cases a maximum bid might be left with the auctioneer, who may bid on behalf of the bidder according to the bidder's instructions. The auction ends when no participant is willing to bid further, at which point the highest bidder pays their bid. Alternatively, if the seller has set a minimum sale price in advance (the 'reserve' price) and the final bid does not reach that price the item remains unsold. Sometimes the auctioneer sets a minimum amount by which the next bid must exceed the current highest bid. The most significant distinguishing factor of this auction type is that the current highest bid is always available to potential bidders.
I can't say that I'm an expert in auctioning, but that did not say that I MUST set reserve price or anything else. Starting bid is enough.
Matcio wrote:ill bid 3 bars of gold. i could probably offer a buyout price if you are willing to negotiate.
thank u for consideration.
Erm, trade topic says that I want to sell bone for pearls, not gold. Sadly, gold is not freely convertible currency in this game. Every trader makes his own exchange rate, not every trader accept gold. Pearls, on the contrary, accepted by almost any trader, and have stable exchange rate. And we can't tell is bid in pearls is higher than bid in gold, while we don't know how many pearls one gold bar cost.