How are items sold at auctions?
There are two types of auctions: one for moveable properties like electrical appliances and the other for immovable properties like houses.
A Supreme Court spokesman said that if the item is valued below $2,000, details of the auction will be published in the Supreme Court website 14 days before the auction date.
A notice is also posted at the auction venue seven days before it is held. For items above $2,000, an authorised auctioneer conducts the sale.
Details of auctions for houses and apartments are published in The Straits Times and the Supreme Court website no less than 14 days before the date of the sale.
Anyone can attend the auctions except for the Supreme Court officer who handled the case. The items that go under the hammer are listed in lots. The auctioneer will auction the items lot by lot.
But the items do not simply go to the highest bidder.
Some of them, including apartments, can have reserve prices. If the reserve price is not met, it item is not sold.