The price of an item can be determined through various ways. One of the ways of determining the price of an item is through an auction. The price of an item is usually put up for bidding during an auction. Willing buyers usually place bids and the one with the highest bid is usually sold the item. The most common auctions being practiced currently are the open ascending price auctions. Here are facts regarding AZ live auction.
It is allowed for the participants to openly bid against each other in this method. The rule used in this process is that, the bid that follows should be higher than the previous one. The auctioneer or the bidder shouts the bid that is being offered. In some cases, bidders can have a proxy call bidding on their behalf. Technology has advanced and now auctioning can be done electronically.
When auctions are conducted electronically, it is only the highest current bid that is publicly displayed. In such cases, bidders are required to submit their bids through electronic media. While most people may be familiar with the English auction or open ascending price auction, there are other primary types of auction existing around the world. These are vickrey, blind, and Dutch auctions.
The Dutch auction or open descending price type of auctioning is contrary to the ascending price auction. Normally, open descending auctioneering starts with a given high price being asked for by the auctioneer on an item. This is followed by continuous lowering of the high price that was asked for previously. This is done until the price that has been quoted by the auctioneer is taken by a willing participant. At times the price the owner has reserved for the item is stopped at by the auctioneer when it is reached.
In this auctioning method items are usually sold in certain quantities. The whole lot of the item has to be shared by other bidders if the first bidder cannot buy the whole quantity of the item. The items are however given to bidders according to their bid orders. This means that the first bidder usually selects their item first before other bidders do.
The other type of auctioneering is the blind auctioning also known as the first-price sealed-bid auction. It is the most interesting type of auctioneering as already suggested by its name since bidders bid blindly. All participating bidders are required to submit simultaneously their sealed bids. This means that no one gets to know the bid submitted by the others. Its uniqueness also lies in the fact that bidders are each allowed to submit a single bid.
Most people associate auctions with the sale of paintings, antiques, expensive wines, and rare collectibles. While this may be true, such people fail to acknowledge that auctions are also used in selling livestock, cars, houses, tobacco, flowers, and fish. It is also important to point out that each type of auctioneering is suitable for application in different situations. The organizers of the event usually consider this before settling for a particular type of auctioning method.
Every type of auction usually comes with its limitations. The most common limitation is collusion. This usually wears down the method of determining the price thus making the whole process stage-managed. When this happens, bidders usually come with an agreement whereby they agree to set bids against other bidders and not bid among themselves. There are a number of countries in which this practice is illegal.
It is allowed for the participants to openly bid against each other in this method. The rule used in this process is that, the bid that follows should be higher than the previous one. The auctioneer or the bidder shouts the bid that is being offered. In some cases, bidders can have a proxy call bidding on their behalf. Technology has advanced and now auctioning can be done electronically.
When auctions are conducted electronically, it is only the highest current bid that is publicly displayed. In such cases, bidders are required to submit their bids through electronic media. While most people may be familiar with the English auction or open ascending price auction, there are other primary types of auction existing around the world. These are vickrey, blind, and Dutch auctions.
The Dutch auction or open descending price type of auctioning is contrary to the ascending price auction. Normally, open descending auctioneering starts with a given high price being asked for by the auctioneer on an item. This is followed by continuous lowering of the high price that was asked for previously. This is done until the price that has been quoted by the auctioneer is taken by a willing participant. At times the price the owner has reserved for the item is stopped at by the auctioneer when it is reached.
In this auctioning method items are usually sold in certain quantities. The whole lot of the item has to be shared by other bidders if the first bidder cannot buy the whole quantity of the item. The items are however given to bidders according to their bid orders. This means that the first bidder usually selects their item first before other bidders do.
The other type of auctioneering is the blind auctioning also known as the first-price sealed-bid auction. It is the most interesting type of auctioneering as already suggested by its name since bidders bid blindly. All participating bidders are required to submit simultaneously their sealed bids. This means that no one gets to know the bid submitted by the others. Its uniqueness also lies in the fact that bidders are each allowed to submit a single bid.
Most people associate auctions with the sale of paintings, antiques, expensive wines, and rare collectibles. While this may be true, such people fail to acknowledge that auctions are also used in selling livestock, cars, houses, tobacco, flowers, and fish. It is also important to point out that each type of auctioneering is suitable for application in different situations. The organizers of the event usually consider this before settling for a particular type of auctioning method.
Every type of auction usually comes with its limitations. The most common limitation is collusion. This usually wears down the method of determining the price thus making the whole process stage-managed. When this happens, bidders usually come with an agreement whereby they agree to set bids against other bidders and not bid among themselves. There are a number of countries in which this practice is illegal.
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The AZ live auction will be taking place very soon. To take part make sure you refer to the following website at http://www.brunksauction.com.
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