Auctions now a part of Monopoly
PLAY THE GAME Monopoly, where each player moves around the board buying districts to build a metropolis, is perennially popular, but the most recent version has a new twist — if you land on an unknown district you have the option to put it up for auction.
“The game has honed in cleverly on salient points experienced in most property transactions and it is a great training ground for newcomers to the industry,” says Rael Levitt, CEO of Auction Alliance. Levitt says he began dabbling in the property game more than 20 years ago, learning by experience as he accumulated, traded and upgraded investments.
He found the new Monopoly version during a US trip and for him it confirmed the legitimacy of the auction industry as a growing platform for buyers and sellers to meet and trade. Like the call to action on South African auction floors as bidders gather in a room with a finite bidding timeframe, each auction in the game lasts up to 50 seconds, with the player who decided to auction beginning the bidding. Once you hear a sound and a red light flashes you have five seconds to close the auction. Whoever has the highest bid by the time the light goes off is the successful bidder.
Should you wish to develop your site you press the build button on the trading unit and the number shown when it stops is how many floors or blocks you are permitted to develop. There are even two costly stadiums up for grabs and each player must decide on the opportunity costs of the stadium versus a more pricey skyscraper, but which can generate revenue quicker.