| The rules of an auction | | | | When the digital age came, it brought with it |
| | | | some very important auction-like websites |
| Whether online or offline, auctions are quite | | | | that specialize in having items presented and |
| popular and have been a major attraction for | | | | sold exactly like offline auctions. |
| businessmen as well as common folks and it | | | | Evidently, offline auctions end much quicker |
| existed as far as one can trace back in | | | | than online ones, since the later can |
| history. Auctions have existed since the | | | | actually last for days with bids flying left |
| dawn of time, and they simply continued | | | | and right. As well, it is normally easier to |
| evolving alongside its society. In case you | | | | navigate and get information about items up |
| are new to auctioning or if you want to skim | | | | for auction on a nicely organized website. |
| through the basic rules, here are the basic | | | | Where the offline auctions get the higher |
| steps that can be seen at a regular auction. | | | | hand is when it is time to finalize the |
| | | | transaction with the exchange of good and |
| 1) Person X wants to sell an object. | | | | money. In an online auction, you need to |
| | | | place trust in the seller to actually send |
| There is an object in which you wish to sell, | | | | you the item as they will normally wait until |
| but do not know how much it could go for; in | | | | they received the money before sending the |
| that case, it may be better to have it shown | | | | object to you; such problem does not occur in |
| to everyone. (It is also quite possible that | | | | offline auctions |
| you know the value of the object, but simply | | | | |
| want to fetch the highest price possible.) | | | | Techniques |
| | | | |
| 2) Person X brings the object to an | | | | Being Patient |
| auctioneer | | | | |
| | | | Being patient is a key strategy in both type |
| After setting a base price for your object, | | | | of auctions, but is probably more prominent |
| it is then given to an auctioneer. This | | | | in offline auctions, as everyone came with a |
| so-called auctioneer can either be a real | | | | set amount of money. It is quite possible |
| person or a website that acts as a virtual | | | | that inexperienced buyers will be eager to |
| mediator. | | | | participate in bid wars; waiting is actually |
| | | | quite a good option, if you are patient, you |
| 3) The auction opens; war rages on | | | | may see a clearer picture. |
| | | | |
| The auction is shown to the public (which | | | | Sniping |
| does not apply to a silent auction) people | | | | |
| then bid on the object; if Person A bets $5, | | | | Sniping is a legitimate and quite popular |
| then any other individual wishing to acquire | | | | technique used in online auctions. Since |
| the object must bid $5 plus an increment. | | | | online auctions are timed, an eager buyer |
| | | | will be constantly watching over the item. |
| 4) The auction ends | | | | If you bid an amount of money an hour before |
| | | | it ends, the eager buyer will definitely |
| The auction will end under at least three | | | | notice and bid higher. Sniping consists of |
| circumstance: if the auctioneer deems the | | | | bidding as close to the end as possible; |
| current bid so impressive that he closes the | | | | although very frustrating, this technique |
| auction, if the time allotted for the object | | | | allows you to bid higher than other buyers |
| has finished and finally, if one person bid | | | | and blocks them from outbidding you as by the |
| and no other person decided to outbid him. | | | | time the higher bid is noticed, the auction |
| | | | will have ended. Obviously if you are |
| Offline versus Online | | | | out-snipped, then you will have learned the |
| | | | risks of sniping. |