The act of auctioning involves the selling and buying of services or goods by offering them up for bidding. People take bids then sell them to the highest bidder. The most in-demand products allow for high bids that are much more than their original value. It’s the bidders that dictate the value of what they bid for, whether it’s imagined, historical, or sentimental. Participants of the bidding openly bid against each other to compete for getting the product, with each bid required to be higher than last until no one can top the bid anymore. The auctioneer or the proctor of the bidding can announce the prices then the bidders can say their bids aloud. They could also hire a proxy to call out their designated bids for them.
Bid Submission and Other Facts
* When it comes to online auctions, you should send your bid virtually or electronically, although there are also electronic ways to send your bids on live or brick-and-mortar auctions. Bidders could also just nod in acknowledgement, raise their hand, or put up a sign. Regardless of the auction type, the current highest bid is always displayed.
* Meanwhile, in the case of auctioning by the Dutch, the auctioneer starts with a high asking price for a number of items that are alike then the price is lowered until a participant is willing to accept the price.The Dutch type of bidding can also end when the seller’s reserve price is met (in case the participant is unsatisfied with how high the price is).
* Most persons know about auctions in terms of how it’s depicted in pop culture, with it involving charities or repossessed items being sold at bargain basement prices. It’s typically (and specifically) used for expensive wines, rare collectibles, paintings, and antiques. It’s also utilized for cars, radio spectrum, livestock, and other similar commodities.
* According to economic theory, an auction instead means any set trading rules or mechanism for exchange. As for the AuctionBlockz.com auctioneering website, it’s the next evolution of auctioning. Forget Sotheby’s, Dorotheum, Mallams, Bonhams, Phillips de Pury& Company, Freeman’s, and Lyon & Turnbull. The Internet is the new frontier in auctioning as well as everything else.