What is an auction?

The auction is about a auction public property of movable character with intervention of the justice or the administration. The fundamental objective of this operation is to grant the sale of said goods to those who offer more for them.

The objectives that the administration wants to achieve with this is to be able to obtain sufficient income to compensate a person, pay outstanding debts or obtain money that the State will use later. Among the goods that are offered in this type of auction, we have to highlight both high-value real estate and low-value personal property.

Characteristics of the auction

To distinguish the auction from another type of public auction, we must take into account its characteristics that we will tell you below:

  • The Justice is in charge of organizing this type of auction. The Justice, together with the Public Administration, which will value low-value goods in order to obtain funds and pay contracted obligations.
  • We find low-value personal property. In other words, the movable assets that may be of low value for the State will be those offered in this type of auction. Includes jewelry, furniture, machinery, merchandise, materials, etc.
  • Justice acts as guarantor of an objective assessment of the public concurrence and cleanliness of the process. If the Administration is the owner of the goods that are offered, it will adopt the role of investor and exit to the market of goods of little interest to the public sector with the option of converting them into liquidity.
  • The auction has its characteristics. The bid will be by show of hands and in person, the second being the best offer given without knowing the other interested agents.

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