English Forward

English Forward auctions create a transparent and competitive environment for price discovery.

Understanding the English Forward Auction with a marketplace

In an English Forward auction, the seller or auctioneer sets a starting price and potential buyers compete against each other by submitting incrementally increasing bids. The auction ends when no more bids are placed and the item, product or commodity being auctioned (called a "lot") is sold to the highest bidder for the value of the highest bid.

The process:

Step 1

Auction set up

The auctioneer sets the starting price, bid increment, auction duration, & other parameters. The auction is then listed on the auction platform or marketplace.

Step 2

Bidding process

Interested buyers place their bids by submitting an amount that is higher than the current bid. Bids can be submitted manually or through an automated bidding system.

Step 3

Price increase

As more bids are placed, the price of the item being auctioned increases in increments according to the set bid increment.

Step 4

Auction closure

When the auction duration ends, the auctioneer declares the item sold to the highest bidder. The buyer pays the final price, and the auctioneer completes the transaction.

Step 5

Post-auction

After the auction is over, the auction platform or marketplace may provide additional services, such as payment processing and shipping coordination.

Why you might choose a English Forward Auction for your marketplace?

Online English Forward auctions offer a transparent, competitive and efficient means of price discovery for buyers and sellers. This is ideal in nascent or highly volatile markets, or where the potential value is unknown.