The setting is judicial, marked by orderly chairs or benches. Numbered paddles are offered demurely at first and more aggressively as bidding proceeds, an obsessive compulsive’s version of ping-pong. Finally, a winner emerges as the other bidders fade into the background having been pushed beyond their monetary allowances, or perhaps their own judgment as to an object’s value.

This is the Hollywood version of an auction. But this is not Sotheby’s and no one is bidding on antediluvian pottery, they’re grinding through analytics and squeezing yield from distressed hotels, discounted condominiums and lenders’ balance sheets. Interested parties are given all the necessary information on an asset, but it is the bidder’s job to double check its accuracy over the course of a specified time limit, say six weeks, and the bidders often pay for the privilege of competing; regularly 10% of your proposed bid price. And in the coming year or two, in particular the last quarter of 2011, this less glamorous process will get a lot busier.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.