The Torque Workcentre will sell!

The first bid has been received – much appreciated!

It is in the acceptable range, so the auction will cease 3pm Thursday (unless a significant bid closes the auction immediately – see point 3 below)

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To reiterate the rules:

It is a first-price sealed-bid auction (http://en.wikipedia.org/wiki/Sealed_first-price_auction)

(To paraphrase: A first-price sealed-bid auction is a form of auction where bidders submit one bid in a concealed fashion. The submitted bids are then compared and the person with the highest bid wins the award, and pays the amount of his bid to the seller.)

In placing a bid, you determine what the market value is for the unit, and what you’d be prepared to pay for it.  Unlike other auctions, this is not a competition with other bidders.

With some minor mods:

Point 1: there is a reserve – the first threshold (ie a price below which won’t enter the auction, and I’ll tell you in private if the price is too low) (No longer relevant, an acceptable bid has been placed)

Point 2: the auction timing starts once the first bid is received, and will run for 48 hours (unless the third point is reached)  Auction will end 3pm Thursday at the latest.

Point 3: if anyone bids high enough that it passes the second threshold, the auction ends immediately, and no further bids will be accepted, even if higher. That person immediately wins the auction.
Bids in private to stuart@stusshed.com

Oh, and finally, a revised bid is acceptable, so long as it is higher than the previous one submitted.

If it is good enough for the London Gold Exchange…… ;)

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