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