What does 'going once, going twice' signify in an auction?

The phrase 'going once, going twice' signifies a final call for bids during an auction. When the auctioneer uses this phrase, they are indicating that the bidding is reaching its conclusion and that interested participants have a last opportunity to place their bids before the item is sold. It creates a sense of urgency for bidders to act quickly if they are interested in acquiring the item.

This phrase is crucial in the auction process as it helps to signal to the bidders that the auction is nearing its end and that the auctioneer is preparing to finalize the sale. It ensures transparency in the process, allowing participants to make informed decisions right up until the point of sale. The use of this phrase is a standard practice in auctions and is widely recognized in the auctioneering industry.