You’re on the hunt for a unique antique when, suddenly, you hear it’s been unearthed at a garage in Melbourne or an attic in Sydney. Unfortunately, the finder chose to put it on auction instead of selling it outright and you have no idea how to bid at auctions—or why bid at all.
Why (and How to) Bid at Auctions?
The auction system allows you to compete with other bidders for goods or property by placing higher bids. Prices for items start relatively low to attract customers. Bidders raise their hand or a pallet to show their interest in making a bid. Certain value is attached to each raise, e.g., if the starting price is $500, the next raise will take it up to $1,000. Bidders can also name their own price.
Bidding continues until no one else is able to or willing to offer more money than the last bidder. The auction is complete once the vendor acknowledges the last bid and exchanges cash or other assets for the goods or services on auction.
Auctions are found everywhere, from selling rare collectables to real estate, online claims, investment banking, and government services. Competitive bidding is attractive for sellers and bidders alike. Certain goods and services may only be obtained through auctions.
Real Estate Auctions
Reputable auction houses offer real estate in their rotation. Real estate auctions often offer prime house and land at lower fees than traditional routes. Bidders research the properties on offer and have enough money on hand to handle both the auction and initial deposit on the property.
Silent auctions are named after the manner they are conducted in. Instead of raising plaques or hands, bidders write the amount they’re willing to pay for an item on sheets of paper put next to the item of interest. These sheets of paper are “bid sheets” where the name of the object, donor, description, value, and minimum bid are placed. Under this information are spaces for people to place their names, addresses, contact details, and bid amounts in.
Fundraisers are fond of holding silent auctions. Aside from increasing an event’s income and generating buzz, guests are entertained in a manner that is not disruptive. Silent auctions that have saleable items that are either in-demand or highly desirable usually make up for an organization’s operating expenses and reach their fundraising goals.
Online auctions take advantage of technological advances to streamline the auction process and make it accessible to a wider audience. By placing the auction online, participants around the world can take part in the event.
To participate in an online auction, bidders often have to sign up for online auction platforms. These platforms will inform members of auction times and items up for grabs. Cattle, antiques, storage spaces, and other esoteric assets can be obtained through these transactions.
If your newly-purchased item is a bit too big for your home or if you’ve bought a house you’re excited to move in to, consider your options. Look for storage solutions in either case to ease the next steps. Sort out what you need to move if you’ve got a big item. Move out heavy furniture first if you’re relocating. You’ve managed to organize everything for a successful bid—the next step should be a piece of cake for you.