When each player, except the auctioneer (active player), has either bid or passed, the auctioneer has two options:
a The auctioneer gives the chosen piece to the highest bidder who then pays their bid to the auctioneer.
OR
b The auctioneer keeps the chosen piece and pays the highest bid to the highest bidder.
If all players pass, the auctioneer receives the piece for free to place or discard, if able to.