Increasing Transparency in Garak Market Seafood Category 'Bidder Selection' Auctions
From June 3 Auction, Full Implementation of 'Bidder Screening' Auction for Seafood Category
Expecting Fairness and Transparency in Auction Process through 'Bidder Screening' Auction Implementation
The Seoul Agro-Fisheries & Food Corporation (President Moon Young-pyo) has fully implemented the so-called ‘blind bidding’ auction, where auctioneers and intermediate wholesalers participating in the auction do not know other bidders' information (unique intermediate wholesaler numbers) during the auction of seafood categories at Garak Market, starting June 3, to ensure transparency and fairness in auctions.
The ‘blind bidding’ auction was first introduced in the fruit and vegetable category at Garak Market in September 2022, and after trial and error, it is now operating normally, leading to plans to introduce it to the seafood category this year.
In February, the corporation decided to introduce the ‘blind bidding’ auction at the ‘Seafood Category Development Council,’ composed of representatives of seafood distributors. In March, it held discussions with wholesale market corporations to improve the auction system, and in May, it held a meeting with seafood auctioneers, conducting several rounds of consultations.
To help auctioneers adapt to the new auction method, the corporation conducted a pilot project from May 23 to June 2, addressing issues such as some program errors, and it is now operating normally without major problems.
Going forward, the corporation plans to continuously monitor and thoroughly manage data analysis such as re-auction rates and winning bid prices by wholesale market corporations to ensure the stable establishment of the ‘blind bidding’ auction.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Kang Min-gyu, Head of Distribution at the corporation, stated, “Until now, bidder numbers were displayed on auctioneers’ laptops and electronic boards during auctions, which led to concerns about unfair auctions such as biased winning bids toward specific participants or low-price winning bids. We expect that implementing the ‘blind bidding’ auction will serve as an opportunity to advance toward a fairer auction.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
