What must be done if an auction is canceled after bidding has started?

When an auction is canceled after bidding has commenced, it is critical to notify all attendees immediately and provide the reasons for the cancellation. This action ensures transparency and maintains trust between the auctioneer and the bidders. Clear communication about the cancellation helps participants understand the circumstances that led to this decision. It is also a professional practice to inform attendees to prevent confusion or frustration.

This approach aligns with ethical standards in the auction industry, where respect for participants' time and expectations is paramount. Failure to notify attendees properly could result in discontent or loss of credibility for the auctioneer, potentially harming future business.

The other options undermine the integrity of the auction process. Continuing with the auction without addressing the cancellation would disregard the participants' rights and expectations. Allowing only select bidders to continue would be perceived as unfair and could lead to accusations of favoritism or discrimination. Postponing or rescheduling the auction without first informing attendees would also fail to communicate important changes, leading to a breakdown of trust with the bidder community.