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Differences in the Types of Auctions That Take Place Around the World

Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.

Types of Auctions:

Different types of auctions take place around the world. Below mentioned are some types of auctions:

1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.

2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.

3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.

Examples of Auctions:

Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:

1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.

2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.

3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.

4. Horse auction: Bidders can bid for young horses of the best breed.

5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.

The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:

1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction

Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.

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How to Find Great Live Auctions for Resale Items

Hi, my name is Walt. I’m an auctioneer with 25 years of experience in the auction business and licensed in the state of MA. I own Quick Auction Service, a company that specializes in building and running custom auctions, I’m also the webmaster of my own site and have been on eBay for 8 years. Besides eBay, the types of auctions I run most frequently are antiques and on-site estate auctions, although I’ve run everything from business overstock auctions to charity & special event auctions.

I enjoy sharing my knowledge and stories of the auction business. My goal for article is to help folks get the absolute most out of their auction experience.

Whether your fresh out of the package or a seasoned dealer I think I can offer something in this article to help you with your auciton adventures.

There may be as many reasons to attend auctions as there are types of auctions to attend. Maybe you want to attend an auction to buy items for re-sale on eBay, or some other market. Maybe you want to furnish your home with wonderful antiques, or you want to furnish your home as inexpensively without sacrificing quality.Some folks are just looking for a fun night out. With a little perseverance all these things are possible.

There are antiques and estate auctions, auto auctions, overstock auctions, absolute and no reserve auctions, real estate auctions, specialty auctions where only one genre of items are sold, tailgate auctions, live auctions, online auctions, sealed bid auctions, silent auctions, charity and fund raising auctions and many more.

Can you really buy for pennies on the dollar at an auction? You bet! Many times I’ve seen folks buy and re-sell at the same auction on the same night for a good profit, although be advised, this should only be done after the auction is over.

There are a lot of ways to find an auction, but here are some tips on how to find and attend the best ones.

Visit the genre of shops in the area that apply to the type of auction you want to attend. IE: If your looking for a good antique auction to attend, stop in the local antiques shops and ask for what there are for good auctions in the area. Sounds obvious right? But listen to what they don’t say as well as what they do say. Oftentimes when a dealer speaks poorly about an auction he or she attends, it may be likely that they are trying to keep a good thing secret. Think for a moment, why would a dealer keep attending a lousy auction?

Newspaper ads: I personally like to find ads in the classified ad section rather than flashy display ads. Flashy ads are usually indicative of an auction that will be high priced, may have reserves, (a set price on an item), and usually an enormous crowd. While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner.

Here’s the minimum you want to find out before you go. If there is a phone number in the ad, call and ask for the terms of the sale. What forms of payment do they accept? Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items. These are the best auctions to attend! Is there a buyers premium? A buyers premium is like a tax that everyone who makes purchases at that auction must pay above the winning bid price. Most auctions these days do charge a buyers premium, 10% is not unreasonable but I feel much more than that is greedy, and the auctioneer that charges over 10% is counting on most bidders not doing the extra math as the bids quicken in pace.

A fair auction will have ample time to inspect the merchandise, usually at least 2 or 3 hours. Find out when inspection starts and make sure to attend! Never attend an auction if you can’t make the inspection, not unless your prepared to gamble. Most auctioneers sell at a rate of about 100 items per hour, which is why they sell “as is”. They simply don’t have the time to give a detailed description of all the items. Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction. Beware of any auctions that offer very little or no inspection time.

Good auctions will usually have 150 to 400 lots. A lot may be one item or a group of items. The exception to this are specialty auctions, auto auctions, real estate auctions etc.

When you attend your first sale, take note of the 1/2 dozen or so dealers that buy the most often. See if you can find out about other area auctions they attend.

When you do find an excellent auction, attend it as often as possible. By frequenting good sales, you help increase the bottom line of that business. It’s difficult for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps. And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, to keep you coming back.

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Sales Skills Needed for Your Successful Home Based Business

First of all we need to define sales skills, and remove the negative stereotypes which surround the typical “salesman.”  Ask anyone who has not engaged in a sales career, and often their perception of the sales trade is exactly opposite of that of a successful salesperson.As you pursue your home based business, you’ll want  to consistently pay attention to the following.A. Being pushy and aggressive does not sell. It turns people off and often makes them defensive. Being courtesly assertive and persistent is what your aiming for. This is a skill which anyone can better at. Think of the last major purchase you made where the sales process was seamless. I would suspect your needs or desires were identified, and the salesperson simply provided you a solution which you purchased. Fact is, most home based businesses offer a credible product or service.B. The expression you have 2 ears  and 1 mouth, because you need to listen twice as much as you speak, is key to selling successfully in any home based business. People will tell you what you want if you simply ask directive questions and listen. Avoid trying to give too much information, it will usually confuse most people, and they will not be able to make an educated decision. The great thing about home based businesses is most people who are considering are usually serious about starting something. Identify first what they want, and then and only then, can the decision if your home based business suits their needs. I can’t stress this point enough. The mistake most salespeople make is talking too much, and talking past the close.C. Let’s identify the sales process. On a sheet of paper draw a line. On the far left write “warm-up”. In the middle of the line write presentation, and at the far right put in “close”. On top of the presentation draw in several arrows pointing to the line and label trial closes. Let’s discuss. When you are first introduced to your prospect usually via telephone you want to form a connection and establish rapport (warm-up). Remember, people will purchase your home based business opportunity if they feel comfortable with you. Talk about their past work experiences, their family, goals etc. You’ll know when you’ve established rapport, and then its time to begin your presentation of your home based business. The trial closes are merely questions or comments you ask in order to provide feedback, and hopefully tacit consent or buy in to your home based business. Don’t make the mistake of speeding through your business providing endless details. You need to get feedback from your prospect. Think of trial closes as mini closes with a cumulative effect. The more favorable response and interaction you receive during your presentation, the easier the actual close will be. Think of trial closes as the process we all go through before we buy a pair of shoes. We try them on, walk down the aisle, view in the floor mirror from different angles. These are all trial closes which allow you to comfortably purchase the shoes and leave the store. Afterall, most people know their shoe size, but I’m willing to guess in the history of man, no one has ever walked in a store and bought a pair of shoes without going through that ritual.D. Whether the home based business you are discussing is inexpensive ( a few hundred dollars) or high end ( thousands of dollars), it really isn’t important. If your prospect is qualified and properly informed, the decision process is the same. If your presentation was interactive, and tacit consent through trial closes was given, then simply assume he/she will join.Think of a traffic light between your presentation and the close. Once your presentation is complete, the traffic light will be red, green or yellow. It may be your prospect is not interested in your home based business. That’s a “red” light, and it happens, don’t beat yourself up. Occasionally the light is “green.” Move quickly to the close and discuss financial arrangements. Pat yourself on the back for a job well done. Most prospects will see a “yellow” light. There’s a degree of caution, and they could stop or proceed forward. Usually they see “yellow” because they need a little more information or direction. Success is made in home based businesses by people who can help those “yellow” viewers see “green.”Volumes of material have been written about sales techniques. It is my hope this article has provided some insight to help you increase sales in your home based business. Follow me in future articles and I’ll reveal more proven sales methods.