What is the "auction close" procedure?

The "auction close" procedure refers to the formal ending of the auction, where the auctioneer typically makes closing remarks or instructions. This process is crucial as it helps to signify to all participants that the bidding is officially over. During this time, the auctioneer might highlight key points from the auction, confirm any sale details, and provide information on the next steps for buyers and sellers. This procedure ensures clarity and resolution, allowing participants to understand the outcomes of the bidding process, including any items that were sold, final prices, and payment arrangements.