What is an auction?
An auction is a public sale in which goods or property are sold to the highest bidder. An auction is a wonderful way to receive the maximum revenue for all of your belongings. Our auction services can be conducted at an in-person live auction, through an online auction that is held virtually, or both simultaneously.
Understanding of auction services
Auction services are the best way to sell your items. They are easy to use and can be a great way to eliminate unwanted items. The auction process is simple: you list your item with a starting price, and bidders compete to outbid each other until someone wins the item at the highest price. The winner pays the seller, and then they both receive their profit.
In the auction process, once an item is placed for sale, the auctioneer will start at a relatively low price to attract a large number of bidders. The price increases each time someone makes a higher bid until finally, only the most recent bidders are willing to offer more than the most recent bid, and the highest bidder takes the item.
The auction services process
- Pre-auction preparation Before the start of an auction, potential buyers are usually allowed a preview period to check the items on sale and examine their condition. The preview period may be announced the evening before the auction or a few hours before it starts.Once potential buyers are done viewing all the items and are interested in placing their bids, they must register with the auctioneer. The registration process requires the buyer’s details like phone number, address, and identification, such as a passport or driver’s license number. Each registered bidder is given a bidder card with a number that is used to identify all participants.
- The Start of the Auction The sound of a bell traditionally marks the beginning of an auction. The auctioneer gives a brief description of the items for sale and starts the bidding with a price that they consider a reasonable opening price. Alternatively, the seller may have set a minimum bid price that they will accept, and the bidding starts there.
- The Actual Bidding The bidders then call out their bids, with each bid being higher than the subsequent bid. The bidders lift their bidder cards to announce their bid price so the auctioneer can identify who is making the bid. The process ends when no more bids exist, and the buyer making the highest bid gets the item. The highest bidder takes ownership of the item immediately after paying their bid price.
The advantages of an auction.
Curious what your items or collection might sell for at auction?