Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.

Types of Auctions:

Different types of auctions take place around the world. Below mentioned are some types of auctions:

1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.

2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.

3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.

Examples of Auctions:

Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:

1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.

2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.

3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.

4. Horse auction: Bidders can bid for young horses of the best breed.

5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.

The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:

1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction

Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.

Many are struggling in the crazy economy. There so many who don’t know what will happen next. When they say it’s getting better for some it seems to get worse. Individuals are being fired, laid-off and just told we can’t continue to keep our doors open without customers. The question that many are asking is what can anyone do to survive. I think that we must all come together. It’s a matter of our existence as humans. If we don’t come together we will all fall. Recently, I notice a growing trend, people joining home based businesses to make a few extra dollars. Some have made more than just a few extra dollars, they are making a living. They have replaced their 9 to 5 for the home life and an income. Is this possible for anyone or is it just for a few fortunate people being in the right place at the right time. I believe that if people would come together and trust one another this can become a reality for them. I really think that a new approach or home business model may work better than some of those in the past. For example, instead of joining one home based business as a individual try joining one as a group. What I’m saying is working together in one home based business may reduce failure and the home business fatality rate.Research has shown that 90% of the people who start a home based business fail within the first year. What I’m saying is that I noticed I can see the growing trend of people joining home based businesses as well as people failing over the first year. The trend of failing could be because of the old approach. That approach go something like this, one person joins a business then he tries to recruit 3 or 4 friends that don’t have any money to get in. Then the person that join looses money due to the monthly products he had to buy and the lack of members in his home business. I believe that in a good economy or a bad economy if we look at things differently this could be reversed. I have listed 10 steps that could reverse this trend. These 10 steps are based on working together at all cost. This would be cost effective and profitable. I call this the internet survival home business plan.1. What you want to do is get about 4 or 5 family members or friends together.2. All will present companies that they would like to join, but all will only agree to join one home based business that you all researched. One person’s name will be submitted as the owner of the business. It has to be this way because 4 to 5 names can’t be listed.3. All the members of the group will pitch in evenly for the start-up fee.4. All the members will recruit candidates to join the business, not the group. The group will always remain at 4 or 5 members.5. As a team you will pick who will be the best candidate chosen for each leg of the business. Again, this is for the business, not the 4 to 5 man group. These are new recruits, individual(s) that will be joining the your business.6. It very important to choose go-getter to head out your business and group. So, that money can be made quickly. You can elect a head or chairman of the group from the beginning. But, remember this doesn’t mean that he makes all the decisions. In order to be successful you have to work together. In the case of the business the weaker links that want to join should be put in a position where they have sponsor that can motivate them. These members should not be at the top of the chain.7. When the first check comes in, it will be split evenly among all the members or put into a pot an at a specific amount or time profits should be evenly distributed.8. Remember 4 to 5 heads are better than one if all are willing to work together. You want to continue this process unto infinity or until each member thinks that they can survive on their own. This process will reduce the failure rate and increase profits.9. One of the main keys to success is each member sharing their talent or individual skills. If one is good at marketing then he needs to train others. If one is good at speaking then he need to be the spokes-person or train others on how to speak successfully.10. Finally, Try to pick a business that doesn’t have monthly fees. I have found that this works better because of economy. This can work with business with monthly fees, but I wouldn’t encourage it if finances are low when starting out.This can be done with family or friends. You can recruit or hand pick your own group based on talent and skills as long you can all agree on things.I believe that this new approach will definitely work more effective than the approach that many have followed in the past. The key to survival with individuals in life is family. A family is a support system. We as human seem to thrive from this system more than those who don’t have a family or family structure. This concept can be use in any internet home business and I personally think that it will work effectively.

Hi, my name is Walt. I’m an auctioneer with 25 years of experience in the auction business and licensed in the state of MA. I own Quick Auction Service, a company that specializes in building and running custom auctions, I’m also the webmaster of my own site and have been on eBay for 8 years. Besides eBay, the types of auctions I run most frequently are antiques and on-site estate auctions, although I’ve run everything from business overstock auctions to charity & special event auctions.

I enjoy sharing my knowledge and stories of the auction business. My goal for article is to help folks get the absolute most out of their auction experience.

Whether your fresh out of the package or a seasoned dealer I think I can offer something in this article to help you with your auciton adventures.

There may be as many reasons to attend auctions as there are types of auctions to attend. Maybe you want to attend an auction to buy items for re-sale on eBay, or some other market. Maybe you want to furnish your home with wonderful antiques, or you want to furnish your home as inexpensively without sacrificing quality.Some folks are just looking for a fun night out. With a little perseverance all these things are possible.

There are antiques and estate auctions, auto auctions, overstock auctions, absolute and no reserve auctions, real estate auctions, specialty auctions where only one genre of items are sold, tailgate auctions, live auctions, online auctions, sealed bid auctions, silent auctions, charity and fund raising auctions and many more.

Can you really buy for pennies on the dollar at an auction? You bet! Many times I’ve seen folks buy and re-sell at the same auction on the same night for a good profit, although be advised, this should only be done after the auction is over.

There are a lot of ways to find an auction, but here are some tips on how to find and attend the best ones.

Visit the genre of shops in the area that apply to the type of auction you want to attend. IE: If your looking for a good antique auction to attend, stop in the local antiques shops and ask for what there are for good auctions in the area. Sounds obvious right? But listen to what they don’t say as well as what they do say. Oftentimes when a dealer speaks poorly about an auction he or she attends, it may be likely that they are trying to keep a good thing secret. Think for a moment, why would a dealer keep attending a lousy auction?

Newspaper ads: I personally like to find ads in the classified ad section rather than flashy display ads. Flashy ads are usually indicative of an auction that will be high priced, may have reserves, (a set price on an item), and usually an enormous crowd. While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner.

Here’s the minimum you want to find out before you go. If there is a phone number in the ad, call and ask for the terms of the sale. What forms of payment do they accept? Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items. These are the best auctions to attend! Is there a buyers premium? A buyers premium is like a tax that everyone who makes purchases at that auction must pay above the winning bid price. Most auctions these days do charge a buyers premium, 10% is not unreasonable but I feel much more than that is greedy, and the auctioneer that charges over 10% is counting on most bidders not doing the extra math as the bids quicken in pace.

A fair auction will have ample time to inspect the merchandise, usually at least 2 or 3 hours. Find out when inspection starts and make sure to attend! Never attend an auction if you can’t make the inspection, not unless your prepared to gamble. Most auctioneers sell at a rate of about 100 items per hour, which is why they sell “as is”. They simply don’t have the time to give a detailed description of all the items. Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction. Beware of any auctions that offer very little or no inspection time.

Good auctions will usually have 150 to 400 lots. A lot may be one item or a group of items. The exception to this are specialty auctions, auto auctions, real estate auctions etc.

When you attend your first sale, take note of the 1/2 dozen or so dealers that buy the most often. See if you can find out about other area auctions they attend.

When you do find an excellent auction, attend it as often as possible. By frequenting good sales, you help increase the bottom line of that business. It’s difficult for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps. And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, to keep you coming back.