What is considered a fair auction practice?

A fair auction practice involves ensuring that all bidders have an equal chance of winning, which is fundamental to maintaining integrity and transparency in the auction process. This principle promotes an environment where participants feel confident that their bids are evaluated fairly, without any undue advantages being granted to select individuals or groups.

When all bidders can compete on equal footing, it reinforces the notion that the auction is a legitimate marketplace where every participant has an opportunity to engage and bid competently. This practice helps in fostering trust among participants, which is crucial for the overall success of an auction.

Setting a minimum bid price is a common practice that can help manage expectations, but it does not directly contribute to fairness in bidding among participants. Exclusive previews for select bidders can create an uneven playing field, giving some individuals more insight into the auction items than others, which goes against the spirit of fair bidding. Offering a buyer's premium is a standard industry practice that reflects the auction house's commission but does not inherently relate to the fairness of bidding among all interested parties.