Anna University Student Entrepreneurship Club Presents “Auction House” as a part of Enantra in its 7th edition and encourages students to participate in this mega event with three simple requirements – vigilance, punctiliousness and patience.
Auctions have certain distinct characteristics like the bidding process, the hammer, the whole setting is quite interesting. An interested party is aware of the competing bid amounts and continues to raise their bid until they are either declared the winner of the auction (i.e., they submitted the last highest bid within the auction time limit) or until they decide to drop out of the bidding. An auctioneer, by selling property for another at an auction, is the agent of the seller and the bidders then call out their bids, with each bid being higher than the subsequent bid. Before beginning any auction, it is the duty of every auctioneer to state fully the terms and conditions upon which the sale will be made. Further, an auctioneer shall announce the character, quality and description offered for sale to the bidders present. The bidders lift up their bidder card to announce their bid price so the auctioneer can identify who is making the bid. The process ends when there are no more bids, and the buyer making the highest bid gets the item. The highest bidder takes ownership of the item immediately after paying their bid price.
The event has a professional auction set up with chairs arranged in clusters with each team having 2-3 participants. The rules and instructions will be read out in the beginning and also every team will be handed over a manual for any further enquiries about the event. Participants take up roles as a startup/company who will be presented with a problem and will be given a certain stipulated amount to spend in the bidding. Every participant in the team as a whole gets additional amount of money if they do the pre requisite. The aim of the event is for the participants to wisely plan their startup and purchase necessary items in the auction against other competitors who will have the same problem to solve.