What must an auctioneer do to confirm the sale of an item during an auction?

To confirm the sale of an item during an auction, the auctioneer announces "sold." This verbal announcement signifies that the bidding for that particular item has concluded and the item is officially sold to the highest bidder. It is a clear and decisive way to communicate to both the bidders and the audience that the transaction is complete.

This practice helps prevent any confusion regarding the status of the item being auctioned. By stating "sold," the auctioneer establishes a clear endpoint for the bidding process and ensures that the winning bidder is recognized.

While raising a paddle may be part of the signaling process for bidding, it does not serve as an official declaration of sale. Accepting cash only is not a requirement to confirm the sale, as auctions may accept multiple forms of payment. Adjusting the final price based on bids is part of the auction process leading up to the sale confirmation, but it does not finalize the transaction. Thus, the announcement of "sold" is the definitive action that confirms the sale.