Hammer & Tongues Auctioneers is a warehouse-based auction business that is now moving towards a hybrid system
Hammer & Tongues Auctioneers is a warehouse-based auction business that is now moving towards a hybrid system. In this system, sellers first visit the warehouse and register themselves through warehouse staff. They provide details of the items they want to sell. After that, the warehouse (admin/Manager) creates auction Events and then create lots based on those items in those events. Buyers can register using a web or mobile app. To participate in auctions, they must first deposit money into their wallet and gain 10x bidding power against the deposited money. This deposit works as a platform fee (only if they win a bid), allowing them to place bids during live auctions. During a live auction, multiple buyers compete for different items. Bidding happens in real time, both from people who are physically present at the warehouse and those joining online. At the end of each lot, the highest bidder wins. The winning buyer must then visit the warehouse in person to pay the full amount of their winning bid and collect the item. If a buyer decides not to bid and wants their deposit back, they can request a refund through the system. This request is first checked by a finance officer and then approved by the admin before the refund is processed.
| # | Name | Price | Currency | Region |
|---|---|---|---|---|
| 1 | Item | ¥ 0 | CNY | 中国 |
