Sellers will be asked at
the Silent Auction to indicate, on their bidding sheet
provided by the IKGA, a minimum bidding increment. For
example, a minimum bidding increment of $1 for a goat
anticipated to bring $500 would not be appropriate while an
increment of $10 or so might be more reasonable. On the
other hand, a minimum bidding increment of $125 would also
not be appropriate either. In a Standard Auction, the
Auctioneer typically sets this bidding increment. You may
put whatever minimum bid increment that you wish but an
inappropriate increment could waste a lot of time and
energy.
Sellers are also required
to give their bidding sheet to one of the Silent Auction
coordinators if they must leave the area for any
reason (including going to the Standard Auction which most
will probably want to do).
3. The actual bidding and sale processes are conducted
differently too. Rather than bidding by holding up your hand
as in a standard auction, you bid on a goat in the silent
auction by writing your bid on a form designed for this
purpose. You will be asked to list your auction number
which was assigned when you registered to bid on a goat at
KikoFest 2006, to list your bid (in whole dollars), and to
sign your name. This can be done at any time during the time
allocated for the silent auction. Note
that you will be asked to show your auction ID number to the
seller to verify that you are a legitimate bidder. Just
like a Standard Auction you must register to bid in a Silent
Auction and your Auction ID will allow you to bid in either
the Silent Auction, Standard Auction, or both.
4. The location of the bidding forms for all the goats in
the Silent Auction will be at
the seller's pen Sellers
or other bystanders should
be sensitive that some buyers do not like "high pressure"
sales tactics. Only the buyer can determine what
he/she is willing to pay for a specific goat and it should
be done thoughtfully and without outside influence of any
kind. Once your bid is placed it will be available for
review by all bidders and the seller as well.
5. During the Silent Auction, an announcer will indicate
how much time is remaining so that you can plan accordingly.
6. The Silent Auction will start one hour prior to the
standard auction and will end one hour after the conclusion
of the standard auction. This overlapping of time is
intended to allow the buyer to participate in both types of
auction simultaneously thus tending to normalize prices
across the two types of auctions. For example, you may
place a bid on a certain classification of goat in the
Silent Auction then learn in the standard auction that that
classification of goat is being valued at more than your bid
in the Silent Auction. You could then increase your bid in
the Silent Auction if you wished to meet the competition
that might arise. On the other hand you might find that
your Silent Auction bid is adequate based on similar sales
in the standard auction and you do not wish to increase your
bid in the Silent Auction. You can even wait until the
standard auction is complete before placing your bid in the
Silent Auction but you might face more time pressure using
this approach.
7. To avoid "dramatic last minute bids" in the Silent
Auction (bids that are placed a few seconds before the
allotted time expires thus freezing out other bidders
artificially), the two highest bidders on a goat in the
Silent Auction will have 15 minutes after the official end
of the Silent Auction to bid against each other one on one
if they wish. The Silent Auction Coordinators will monitor
this process to ensure that no dramatic last minute bids are
allowed in this portion of the Silent Auction, This one on
one bidding is anticipated to last only a very few minutes.
This should allow an individual buyer to conduct a few of
these one on one bids but not a large number. Plan
accordingly.
8. When the Silent Auction is complete (including any needed
one on one bidding), the official bidding sheet must be
signed by the seller and a Silent Auction Coordinator
indicating that the sale has followed the rules and is
final. This signed document must be turned in at the
KikoFest Auction desk for the sale to be officially included
in the overall KikoFest auction results (and for the seller
to be paid). The Silent Auction Coordinators will ensure
all final bidding documents are turned in to the Auction
Office.
