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A slave auction is a social event, usually run as a fundraiser for charity and as a way to meet new people in the BDSM scene.
The general scenario is that slaves, submissives, tops and Masters present themselves on a stage and list (or demonstrate) their skills and credentials, then what sorts of activities that are offering, usually a short scene of spanking, flogging etc.
Sometimes a Master or Mistress will auction their slave, making the auction process a "scene" in itself.
Then people in the audience bid on their offer, usually using play money purchased with a donation to a local charity. The winner then makes arrangements for the "scene" with the person who bid their services.
No actual exchange of property takes place, owning people is illegal in most countries. In countries where this is legal, other arrangements may be made.
It is a popular way for people who are new to the scene to demonstrate what they have to offer, or for the newly single to advertise their availability, much like a vanilla "bachelor auction" would be.
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