Auctions are considered one of the best selling methods for several reasons:

• Auctions uphold the principle of fairness by allowing all competitors to participate without discrimination.

• Auctions help save time and effort for both the seller and the buyer, as bidding takes place within a set period to reach the highest sale price.

• Hybrid Auction (In-person & Virtual): Also called a hybrid auction, it is held physically in a hall or similar venue, while also being accessible to remote participants via mobile or computer on the auction page. Bids placed remotely are recorded simultaneously with those made in person.

• Timed Auction: This is a fully electronic auction where bidding occurs within a set time period, with participants competing until the auction time ends. No physical venue is allocated for this type of auction.

• Virtual-only Auction: In this auction, bidders and others can watch the selling committee or auctioneer via live broadcast and place bids on the listed item. The physical venue is reserved only for the selling committee.

Auctions are a powerful method for showcasing, liquidating, and selling products. The outcome of an auction depends on several factors and criteria that directly affect the final result:

1. Supply and Demand: Highly demanded products and assets naturally drive up value. Conversely, items with lower demand may receive fewer bids. Nevertheless, auctions allow for faster and more efficient selling compared to traditional methods.

2. Product Quality: The quality of the product and the clarity of its details enhance its value. The clearer the product information, the more it motivates bidders to exceed expected prices.

3. Payment and Ownership Transfer: Favorable conditions for payment and timely transfer of ownership influence buyers’ willingness to participate, directly affecting competition in bidding and purchasing.

Overall, there may be additional factors beyond those mentioned. Some can positively impact prices, such as timely availability and scarcity of a product. On the other hand, other factors may lead to price reductions, such as market saturation or weak purchasing power in a specific location.