What do you know about the auction in two phase?
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The auction in two phase is a particular auction split in two phases.
In the first phase the auction develops as a standard online auction: lots are sold individually and bids can be submitted until the end of the auction.
Highest bidders though, cannot win the lots until the end of the second phase.
This second part begins immediately after the closing of the first phase and last for just 10 minutes.
During this time lapse bidders can submit bids for the entire amount of lots.
The price is calculated upon the bids received in the first phase and the first raise.
If during this extension phase someone bids for the all the lots, this bid wins upon all the previous individual bids.
If on the contrary there are no offers in bulk, all lots are assigned to their highest bidders from the fist phase.