Officials explain online auction process and how surplus values are estimated
Staff said department heads and foremen evaluate condition and staff research market values before posting estimated prices for online bidding; final sale prices depend on bidder competition and may prompt staff to avoid rebidding close contests.
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Taterington told the committee that estimated values on the surplus list are produced by departmental review of condition and modest market research. "We tend to just do a little research, into what we think the market would bear," he said, describing estimates as guidance for online bidding rather than fixed prices.
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