Is there a difference in auctions? Yes there is a big difference and here are the 6 most popular auction platforms and their differences.
Of course we all know what auctions are “RIGHT”?
Wikipedia says. The word “auction” is derived from the Latin augeō, which means “I increase” or “I augment” … just in case you’re interested. Auctions are a process of buying and selling of goods and placed items are up for the public to bid on; and in most cases the item is then sold to the highest bid.
Here are the 5 most popular categories and how to participate. There are Online, (link) Storage auctions, Absolute, Reserve and Sealed Bid. So they are the different types of auctions, and now, this is how to go about bidding on them.
#1 ONLINE AUCTION (link)…That’s where you go on the web and search under Online Auctions, up comes all these sites in your set area. You have to register with the company holding the auction, look over the advertised material that fits your fancy and place a bid. “Remember all you have is pictures” and a little write up.(description) There is a set time and date that the auction closes, and when the auction closes the highest bidder “wins”. E-bay would be considered an on line auction.
“Most on line Pictures of auctions are of very poor quality, so beware!” “E-bay is an exception to the rule.”
#2 STORAGE AUCTION … “Same as above” Go on the WWW. web, search under online storage actions and up come all the auction sites in your area. You have to register with the company holding the auction, look over all the terrible auction pictures and place a bid. “All you have is poor pictures” There is a set time and date that the auction closes, and when the auction closes the highest bidder “wins”. … Storage Companies normally gives you a few days to remove your treasures.
Tip#1 Online auctions. “Most REAL” bidding doesn’t start until the very last 10 minutes of both auctions . . . just before closing.
#3 ABSOLUTE AUCTIONS… Absolute Auctions are live auctions and is the most common type of auction. Items or properties are auctioned off to the highest bidder. In this type of auction, the item or property is guaranteed to be sold because there is no minimum price that the seller is looking for. Whoever has the last bid, wins. This creates a lot of interest and competition among bidders.
Tip #2 of the day … Auctioneers like it when somebody starts the bidding, saves time for the auctioneer and keeps the auction moving. So help the guy out, start the bidding at some price, at least the auction is started. He will notice the help and maybe return the favor… I’m just saying.
#4 RESERVE AUCTIONS …. A reserve auction is the LEAST popular among bidders. The seller comes up with a price he wants to get out of his item, but does not disclose the price to the bidders. In the event that this reserve price is not met, the seller has the opportunity to reject the highest bid. This gives the seller a chance to walk away if they aren’t getting what they want, but this type of auction can turn some bidders off, as there’s no guarantee they will get the item even if they’ve made the highest bid.
#5 SEALED BIDS AUCTIONS are when you look over the item that you’re fancying, place a bid on whatever it is or the highest you are willing to pay for that item. Mark the price down on the form or ticket that’s supplied and hand it to the person running the sale. When everybody has their offers in, they open up the forms/tickets and the highest bidder wins. I like them best of all, and I’ve only seen them at storage auctions.
#6 ESTATE AUCTIONS. They could be a live auction or an on line auction. The most popular belief is an estate auction is when a person has died in the family and it’s an estate sale, selling their belongings, “that’s a misconception” Estate auctions “could mean” there was a death in the family and liquidating or maybe people are just downsizing, a divorce maybe, or just plain moving. Lots of good reasons.
“So, here are more auction styles! … Swedish Auctions, Candle Auctions, Japanese Auctions, and the Yankee Auctions and Vickrey Auction . . . Which I have no idea how they work!”
Tip #3 Remember when the auctioneers hammer comes down, it’s legally binding.
One more auction I should talk about and it’s one of the most organized auctions I’ve been to. I will call it, an English Auction because the auctioneer is English. At his auction you have a number designated to you, the buyer and like all auctions if you are bidding on something to your liking, just hold up your Number. As long as your number is dangling in the air you are still bidding on that item according to the auctioneer. When you have personally reached your bidding limit just put your hand down and you’re out of the race.
NO TALKING OUT LOUD at his AUCTION!
There’s no nodding of the head, no fast hand movement or blinking of the eyes to tell the auctioneer you’re bidding silently so nobody can see you bid. Just like in the reality shows on TV, (link) Storage Wars would be a good example. That’s where you have to worry about the guy next to you bidding you up just for fun OR he’s getting it, no matter what the cost. … “It’s mine.”
When it’s all said and done like all auctions, only one word of advice,
Last tip of the day . . . “The man with the most gold does win”
ALMOST FORGOT, GOVERNMENT ON LINE AUCTIONS