What's an auction and how does it work?

Ryan (0:04)

Hey, Bridget.

Bridget (0:05)

Hey, Ryan. Are you almost ready to kick off season 11 of Million Bazillion?

Ryan (0:10)

Almost. I'm still tweaking the trailer, but I think it's going to be The Goat, the greatest of all time.

Bridget (0:18)

Well, we are almost ready to release the season, but Goat, that reminds me. Do you remember that episode we did?

Ryan (0:26)

I know what you're talking about. I've got an idea.

SPEAKER_5 (0:29)

Let's play it now.

Ryan (0:30)

And all you listeners enjoy this episode. And don't forget to follow Million Bazillion in your favorite app so you don't miss the whole season we're about to release. And tell us what you're most excited about in the comments section.

Bridget (0:42)

Love it. All right, let's play that episode.

Ryan (0:50)

Are we almost done?

Bridget (0:51)

Almost. We've got an entirely new season ahead of us, and we just need to look through a few more listener questions and pick which ones to answer.

Ryan (0:58)

How did we end up with so many bags full of questions? Oh, a paper cut.

Bridget (1:03)

Well, our awesome listeners send in so many great questions. After a while, they do start to pile up. But I love reading these, and we look at each and every one. Oh, paper cut.

Ryan (1:14)

Ooh, this is a good one. What is bankruptcy?

SPEAKER_5 (1:18)

Oh, paper cut.

Bridget (1:20)

Here's another good one. What is rental arbitrage? Oh, paper cut.

Ryan (1:23)

Oh, paper cut.

Bridget (1:24)

Oh, paper cut.

Ryan (1:29)

Oh, that one really hurt.

Bridget (1:31)

Wait, wait one second. No sudden moves.

We need to open these envelopes slowly and carefully to avoid any further paper cuts.

SPEAKER_5 (1:40)

Okay, I'm going to open this question slow and steady.

Bridget (1:46)

Yes, very slowly. Oh, paper cut!

Welcome back to Million Bazillion. I'm Bridget.

Ryan (2:04)

I'm Ryan and we help dollars make more sense.

Bridget (2:09)

I've got an idea. Instead of opening another envelope, let's take a question that a listener sent us through our website, marketplace.org/million. No paper cuts.

Ryan (2:17)

Good idea. And while you do that, I'm going to throw out all the paper in the house so we don't get any more paper cuts.

Bridget (2:25)

Hey, those are my old National Geographic magazines. My grandma gave me those.

Ryan (2:29)

Sorry. If it can slice, no dice.

If the paper can chop it, you got to drop it.

Bridget (2:35)

Okay. Let's hear the question.

Hezekiah (2:37)

My name is Hezekiah and I live in North Carolina. I would like to know about auctions.

SPEAKER_5 (2:43)

25, 50, 15, 75, 75

Hezekiah (2:47)

How do they work? Can you explain the fast talking and the paddles? What is a silent auction? What is an online auction? Thank you.

Bridget (2:55)

What a great idea for an episode, Hezekiah. So an auction is where people compete with each other to buy something. Whoever offers the highest price or bid, wins. And Ryan, did you know there are records of auctions going back to the year 500 BC?

Ryan (3:12)

I wonder why Hezekiah became curious about auctions.

Hezekiah (3:16)

After hearing about the LeBron James Triple Logoman basketball card going up for auction, I wanted to learn more about auctions.

Bridget (3:24)

Yes, the Panini Flawless Triple Logoman featuring LeBron James. I've heard about that.

Ryan (3:29)

There's a LeBron James Panini sandwich? I want to eat that sandwich.

Bridget (3:33)

No, the Panini Flawless Triple Logoman featuring LeBron James.

Logoman cards are like baseball cards, but they're for basketball players. No one used to care about basketball cards, but then this Panini company decided to start making the really fancy ones. People wanted them again. The one Hezekiah saw is being sold at auction today.

Ryan (3:51)

I have an idea. Let's go to that auction and buy that card.

Bridget (3:56)

That's a great idea. We can go to an auction, learn all about how they work, up close and personal-like, and then maybe, oh, just maybe, place the winning bid on that card.

Ryan (4:06)

But Bridget, it is a good idea.

Bridget (4:08)

Yeah, I'm agreeing with you. Let's go.

Ryan (4:11)

Oh, wow, okay, I'm not used to you agreeing with me. All right, carry on.

Bridget (4:31)

Okay, here we are at the auction. A lot of people here today.

SPEAKER_8 (4:34)

All right, up next, lot 72, the Panini Flawless Triple Logoman card featuring LeBron James. Where shall we start the bidding?

Bridget (4:43)

Watch this.

Ryan (4:44)

Ahem, I bid $5.

SPEAKER_8 (4:50)

Okay, thank you, sir, but we will start the bidding at $500,000. Do I hear $500,000 or above? $1 million.