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Chat Auctions
Chat Auctions are an alternative to Auction Houses for players who want to trade instantly without waiting. The seller runs an auction in a trading channel, then sells the item to the highest bidder at the close of the auction. The buyer and seller must then meet up in the world to make the trade.

Sellers

Use the Trade Channel.

Pick a starting bid for your item.
Low Starting/Minimum Bids
If you set it really low you might get a lot of attention (and possibly insults/laughs) by players who know the item is worth much more. This can work to your advantage as it's free publicity when players talk about your item.

High Starting Bids
If your minimum bid is set too high then you won't get any bids on your item. If you start an item at 1 gold you may find no bidders for that item. But, if you start the item off at 25 silver the same item might sell for much higher than 2 gold. Your selling strategy determines the success of your trade.

Announce your item with a link to the item: [Iridescent Pearl] min bid 1g.