What is an auction?

When a catalogue is added to ANote Music, its shares are offered on the primary market through an auction. Here, investors have a number of days or weeks to bid for shares directly from the catalogue owner (the transferor - creators, record labels, publishers etc.), subject to a minimum per-share price set by the transferor.

At the end of an auction, if the final price and quantity are matching the requirements of the transferor, a primary market transaction occurs between investors and the transferor: investors then receive shares in the catalogue, which enters the Secondary Market (trading phase).