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Auctions 101: Everything You Need To Know

Monday, May 24th, 2021
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Some people live to attend great auctions. But, they may not be aware of everything that might occur when in attendance. Sometimes things are planned out to the smallest detail and other times it can take an unexpected turn-good or bad. If you want to learn more about what happens during an auction, you’ve come to the right place.  

What is an auction?

There are many categories of an auction, but in the most basic terms, an auction is the process of buying and selling items or services by collecting potential bids. The items will sell to the person who bids the highest. Each item will start out with a low bid and the attendees will openly bid against each other in hopes of having the highest bid.  

What is an auctioneer?

If you’ve ever been to an auction, you know the auctioneer sometimes may seem intimidating. They talk so fast and spout words out that you might not even understand. The auctioneer is the person who starts the bidding process. They will shout out the first bid and acknowledge every person who bids after that. Once the bidding is stopped, they announce the highest bid.  

How do I bid?

When you find something that you want to bid on, you will usually have a bidder number or something else that you will hold up in the air. This will signify that you are making your bid on an item. If someone bids higher than you after you place your bid, you can always keep going higher if it is something that you are positive that you want.  

What happens if I win?

Now that you’ve won your bid, it’s time to pay! You can usually find an area dedicated to the participants for payments. You will receive an invoice with all the items that you have purchased. Payments are normally due the day of the auction. After payments have been made, you are allowed to collect your items. There is normally a 2-week time frame for you to make transportation arrangements if you have larger items.  

Want to see what an auction is all about?

Check out all of our upcoming auctions to find one you want to go to! You can see exactly how the auction process works firsthand and find unique items that you may have never seen before. If you’d like to learn more about what an auction is, give us a call at 806.244.6776 or email us.