After auction, there will be various scored -- everybody will have as their attributes what their highest bid is.
You can then do one of three things with each attribute:
1. Leave it as it is.
2. "Buy up," which means that you can spend points to make your score equal to another bidder's in the option.
3. If you haven't bid, you can "sell it down" to Chaos or Human level, for 10 or 25 extra points, respectively.
After this, your scores get put into a big ladder, with the major (and some minor) NPCs in the game. Whenever you advance, you would move up the ladder to the next "rung" -- the score of the next person higher. Thus, an auction winner's score can be passed.
The auction results do matter, however. In a close contest, where the scores were equal, the person who finished ahead in the auction would have the advantage.
Clear as mud? Good.