In An Auction, The Bids Are Kept Secret From Other Potential Buyers: Justice Sai Tutors Ghanaians

In the affairs of our Republic, almost everything which is meant to ensure value for the State tends, somehow, to have the opposite effect – loss.

Take, for example, auctions. An auction is simply a type of sale. In an auction sale, buyers (rather the seller) determine the final price of the goods. 

Buyers determine the price by competing among themselves. Like all competitions, the essence of an auction is to get the best outcome – the highest possible price. 

The highest possible price goal is so essential that sometimes, the seller sets a price below which the goods may not be bought at a reserved price. 

But a reserved price is not the only method for achieving the highest possible price goal. There’s also the closed type of auction sale. 

In a closed auction, the bids are kept secret from the other potential buyers. That way, no buyer is influenced by the lower offers of the other buyers.

It’d even appear that all auction types or forms of Dutch, English, etc. follow the same goal to get the highest possible price for the property.

So, when a law says that property is disposed of by way of an auction, it intends that the property be sold at the highest price possible. 

When you hear of the auction sale of a State property in this town, do you envisage a seller who is interested in the highest possible price or do you envisage sage a gift?

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