Auctions are fine methods of bringing clarity to the sale of assets for the partition of a partnership or the sale of assets in a bankruptcy situation for the benefit of creditors. It’s basically the process of selling goods by contribute them at a starting price, taking bids and then selling to the highest bidder.
When we talk about antique and personal property appraisers and auctioneers in the United States, one name which springs in mind, that’s Allan Baitcher. He is a well-known name as an antique and personal property appraisers and auctioneers, who provides you with the most correct pricing information to maximize your return on investment. Having almost 22 years of participation in the United States, Allan Baitcher can suggest you in better way, If you are seeing filing an insurance claim or are seeing in loss avoidance, valuation and authentication , proof of reality, an antique appraisal will provide the official documents you need to protect your assets and manage your wealth.
Allan Baitcher auctioned the most Items in 30 Minutes earning him a place in the Guinness Book of World Records. The event was held at Gallery 63 and Baitcher sold one item every 7 seconds for 30 minutes straight! Watch the video here.
When most people think of auctions, they picture a live auction that takes place on a single day. But these days, there are more options than ever that can make the process more available and open the bidding up to buyers all over the world. As the seller, it’s up to you to decide which auction setting and agenda is the best fit for your destruction needs.Auctions are used as an efficient way of raising funds through the sale of items at the best price possible. The term auction is normally used to refer to the various types of sale in which the price of the item being sold is not set preceding to the event or arrived at through conference or haggling. Instead, the selling price of the item on auction is determined through a competitive bidding process. Some of the most common types of auctions are live auction, silent auction and online auction. The distinction between these types of auctions comes from the action of the bidders.
Live or Ballroom Auction
It is also called the live on-site auction. This type of auction is usually control in a meeting facility or room such as a hotel meeting or indoor location meeting facility. Most likely, the interested bidders have already approved the property being auctioned. Pictures and descriptions of the property on sale may be displayed in the ballroom when the bidding process is officially opened.
The auctioneer in the ballroom auction stands before the audience of bidders and observer as he or she calls out the bids and asking for higher bids on the property being sold. This type of auction is said to be clear because all the bidders compete openly in an open place at the same time. Although a competing bidding environment usually produces the highest selling price, the winning and the losing bid might not be distinict by a big gap because bidders keep observing the behavior of others, which can make the bidding process drag.
During online auctions bidders compete on a particular service or product and submit their bids online or over the internet. Internet auctions have become an important part of electronic commerce because of the flexibility and possibilities they provide.
In this type of auction, the property is put on sale on the internet. Therefore, there are no on-site bidders. Typical sale of the property on sale is conducted over computers connected to the internet. Auctions done on the internet have specific timelines (opening and closing dates), and sometimes with fixed increments of bids. Bidders enter their bids against other competing bidders on the internet for the same item. Sometimes, proxy bids are used when a bidder would like to set a predetermined highest bid he or she can make.
Sealed Bid Auction
This type of auction is used where confidential bids are preferred. The submitted bids are opened at a place and time that were predetermined earlier on before the auction process commenced. In the event that the seller is seeing optional terms of sale, sealed auctions are usually chosen. Also, when there is more than just one item or service in the same auction, all coming as one bundle or assembly, the auctioneer may choose to use closed auctions so that each bidder can determine the best combinations that meet their own needs to bid on.
The Best Type of Auction
When selecting the type of auction to use in your business, you ought to consider the merits and demerits of each type of bid. Whereas ballroom auctions are one of the traditional types of auctions, it limits you to bidders who can make it to the venue of the property being sold. It also involves a lot of logistics such as hiring a venue, which prove to be expensive.