Is there a minimum bid?

Generally, the Government does not place a minimum bid on items. However, the Government reserves the right to accept or reject any and all bids.

What is a reserve price?

It is a dollar amount placed on a property by the Government. A reserve price is not released to the public. If you hear the auctioneer say "Bidding closed, subject to the acceptance of the seller," it means the high bid did not reach the reserve price. In most cases, the reserve price is met. In the event the high bid does not reach the reserve price, the Government may open negotiations with the high bidder.

How is the opening bid established?

The opening bid will be the highest written bid received. If no written bids are received, the opening bid will be established on the floor at the time of auction. Written bids will not be disclosed prior to the auction.

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