Product design for software that auction houses use to run sales and collect bids

Design a platform that auction houses can use to run their sales and let buyers place bids on the lots they offer. ```hint Map the three parties An auction house sits between the people who consign items and the people who bid on them, and it runs the sale in between. Decide whose problem the platform solves first, and where in a sale the house loses the most time or money today. ``` ### Clarifying Questions - The prompt says betting/auction: should I read "betting" as placing bids on lots, or is a wagering element intended? - What kind of auction houses: fine art and collectibles, estates and general goods, or wholesale vehicle auctions? - Should the platform support online-only timed sales, remote bidding during live floor sales, or both? - Is it a tool each house runs under its own brand, or a marketplace where many houses list sales to a shared pool of bidders? ### What a Strong Answer Covers - The customer (the auction house) and the other participants (consignors, bidders, auctioneer and staff), with a chosen segment and the reason for it - Pain points across a sale: cataloging, attracting and vetting bidders, running the sale, payment, payout and delivery - A prioritized feature set and an MVP, including how online and in-room bids stay fair and in sync - Trust and integrity: fake bidding, bidder vetting, payment defaults, authenticity and an audit trail - Success metrics for the houses and for the platform, with guardrails ### Follow-up Questions - Online bidders complain that their bids arrive after the auctioneer has already sold the lot. How would you fix that? - How would you charge for the platform, and how does that choice affect which houses adopt it? - A winning bidder fails to pay. What should the product do for the house, the consignor and the underbidder?