Whats to know?
Just a player auction.
Most event start with blind bids, maybe at a preset bet then auction.them up. So say 100 and it bids higher, highest bidder gets pick of field.
Blind bidding continues until nobody wants to bid 100 or more, then go down list. Will be a minimum bid and set bidfing increments.
Players can typically buy back 1/2. Good to have your pony motivated
Players not sold go into the field, those pkayers auctioned for cheaps...long shots mostly.