Since ancient times, auctions have proven to be the best way of reconciling the competing interests of buyers and sellers. Auctions are a perfect balance between supply and demand. While at normal markets lengthy negotiations and meetings are required, at an auction this all happens in the blink of an eye. The auctioneer starts the starting price, usually with the lower estimate price, and as bidding proceeds, drops the gavel or hammer when the highest bid is received (gavel or hammer price).
The system has just one drawback. Sometimes the sale doesn't reach a conclusion because this sales method is so fast. However, all is not lost. The items, which are eligible for post-auction sales, can still be purchased and previewed here on site.
However, if you make an offer which is below the reserve price set by the consignor, called underbidding, the seller's commission increases from 25% to 30%. Employees of im Kinsky will however warn you in this case.