mock auction

BusinessDictionary

Strategic Management Institute BD

A scam run by experts who set up a mock auction and put on a show by appearing to sell high-quality products at very low prices. The initial bidders are usually part of this gang of experts and eventually give everything back to the group. Convinced that they will be able to get something of value at a very reasonable price, the oblivious bystanders participate in the auction and are sold objects that have no value.

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