How does bidding work at an auction?
An item comes up for sale and people begin bidding on such items. To be the top bidder, you must bid higher than the previous person. Eventually, the auction comes to an end and the highest bidder will get to take home the item. Do you prefer to bid online or in person?
What are the 4 types of auctions?
He established four major (one-sided) auction types: (1) the ascending-bid (open, oral, or English) auction; (2) the descending-bid (Dutch) auction; (3) the first price, sealed-bid auction; and (4) the second price, sealed-bid (Vickrey) auction. Which type of auctiondo you feel most comfortable with?
What is the best bidding website 2022?
- Best Overall: eBay.
- Best for Real Estate: Auction.com.
- Best for Auto: Copart.
- Best for Business Equipment: BidSpotter.
- Best for Luxury/Collector Items: Sotheby's
- Best for Government Surplus Items: GSA Auctions.
What auction company would you add or remove from this list?
SAFELY BID FORUM
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SafelyBid and Auction certified has a great forum that
explores etiquette in the auction world.
In the auction world online and offline you can dip your toes into the world of bidding. For those just starting out, the auction house can be an extremely intimidating place, and for good reason—one ill-timed yawn, and you could have committed yourself to bidding and winning an item you perhaps no intention of owning. This forum has you covered with our best people chiming in on how to navigate the auction circuit and maybe even pick up an item or two without embarrassing yourself or maxing out your credit card.
DO:
- Come early and preview all items, this will give you a chance to familiarize yourself with what is offered for sale.
- Make sure you have a catalog and make notes about any potential items you want to bid on.
- Determine the maximum you are willing to pay for an item before the bidding starts.
- Get close to the auctioneer and make eye contact whenever possible, be seen.
- Make your moves with or with out the bidding paddle seen.
- Present your bidder card number to the auctioneer when asked and show you are the successful bidder.
- Don’t fall into the bidder frenzy of an auction. If the bidding goes beyond the maximum amount you anticipated to pay, stop bidding, and wait for the next item of interest.
- Remember, you're buying all items "as - is" and all sales are final. Period, no negotiation.
- Remember there are additional fees to the high bid which could include a buyer’s premium and local tax will be added to the final amount of your purchase.
- Ask questions before the auction on any items of interest. During and after the auction it is too late. You own the item!
- Secure your items when the auctioneer says “Sold” and records you bidder number. Remember after you become the high bidder in most auctions the liability of the item condition moves to you. You do not want it damaged or lost after this point so watch your items.
- HAVE FUN!!! ENJOY!!! The experience of the auction is as much fun as winning items there.
DON’T:
- Please limit any conversations with others near the auctioneer during an auction.
- Interrupt the auctioneer or the auction process when there is active bidding. This is a bad and frowned upon action as it slows down the overall auction.
- Move items from one location or box lot to another. Before and during the auction. Especially if it is not your item/s.
- Don’t forget to inventory your receipt to determine if you have all your purchases with you when you depart as many auction houses will have hundreds of auction items. It can be easily confusing. Wrong items or missing items can be avoided with just a little effort at pickup.
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Be Wary of Some Online Auctions
It is unfortunate but “Don’t believe everything you see on the internet,” was what our parents told us years ago. So, you should proceed with caution before joining an online auction. When you see the AUCTION CERTIFIED certificate you can now safely bid as that auction has gone though a vetting process for validity. Make sure they are a reputable auction house, gallery, or institution before you register and start bidding on items. Auction Certified has validated their online reviews, their licensing documents, their overall reputation, researched their customer service procedures and terms and conditions, plus much more. The ability to Safely Bid and receive the correct auction items as represented is they’re overall goal. Do you have an auction company that disappointed you?
Understanding the terminology
- First and foremost, auction houses have specific terminology that describes different aspects of auctions. Here are a few.
- Auctioneer - A trained professional who presides over the auction, initiating the sale of a lot by describing the item and starting the bidding.
- Catalogue - traditionally, a printed catalogue with all the items in an upcoming auction. Now, this has gone 100% online but is still referred to as an auction catalogue.
- Valuation - each item available at auction has gone through the process of valuation
- Lot - an item offered at auction. Usually shows images, descriptions and a minimum bid amount.
- A bid - an amount of money a potential buyer is willing to pay for an item.
- Bid increment - the amount by which the auctioneer increases the bidding.
- Sellers commission fee - a fee paid by the consignor, or the person who wishes to sell something at auction, which goes towards the research, valuation, and promotion of whatever item they wish to sell.
- Hammer price - the winning bid of a lot at auction.
- Gavel - Another name for the auctioneer’s hammer used to close the bidding.
- Gavel - Another name for the auctioneer’s hammer used to close the bidding.
- Fair warning - one last chance to bid before the auctioneer closes bidding on a lot
- Buyer’s premium - buyer's premium refers to a percentage charged by the auction house in addition to the hammer price.
- Preview period, also known as Exhibition - when auctions were not 100% online, this was the timeframe when potential buyers could inspect the lots in an auction. Should be specified in the catalog.
Do I need to Register at an auction?
Before the auction begins, you must register ahead of time for the auction. This is an easy process and takes just a few moments. Be prepared to have your name, address, phone number, and payment information ahead of time.
Different types of bids at online auctions
There are typically two different types of bids you can make at a live online auction. The first is a pre-bid which is a set amount you bid before the date of the live online auction. During this period, other people can bid against you with their pre-bids. Do you like to Prebid?