The Different Types of Auctions | Allan Baitcher

Auctions are fine methods of bringing clarity to the sale of assets for the partition of a

partnership or the sale of assets in a bankruptcy situation for the benefit of creditors. It’s basically the process of selling goods by contribute them at a starting price, taking bids and

then selling to the highest bidder.

When we talk about antique and personal property appraisers and auctioneers in the United

States, one name which springs in mind, that’s Allan Baitcher. He is a well-known name as

an antique and personal property appraisers and auctioneers, who provides you with the most

correct pricing information to maximize your return on investment. Having almost 22 years

of participation in the United States, Allan Baitcher can suggest you in better way, If you are

seeing filing an insurance claim or are seeing in loss avoidance, valuation and authentication

, proof of reality, an antique appraisal will provide the official documents you need to protect

your assets and manage your wealth.

Allan Baitcher auctioned the most Items in 30 Minutes earning him a place in the Guinness

Book of World Records. The event was held at Gallery 63 and Baitcher sold one item every 7

seconds for 30 minutes straight! Watch the video here.

When most people think of auctions, they picture a live auction that takes place on a single

day. But these days, there are more options than ever that can make the process more

available and open the bidding up to buyers all over the world. As the seller, it’s up to you to decide which auction setting and agenda is the best fit for your destruction needs.Auctions

are used as an efficient way of raising funds through the sale of items at the best price

possible. The term auction is normally used to refer to the various types of sale in which the

price of the item being sold is not set preceding to the event or arrived at through conference

or haggling. Instead, the selling price of the item on auction is determined through a

competitive bidding process. Some of the most common types of auctions are live auction,

silent auction and online auction. The distinction between these types of auctions comes from

the action of the bidders.

Live or Ballroom Auction

It is also called the live on-site auction. This type of auction is usually control in a meeting

facility or room such as a hotel meeting or indoor location meeting facility. Most likely, the

interested bidders have already approved the property being auctioned. Pictures and

descriptions of the property on sale may be displayed in the ballroom when the bidding

process is officially opened.

The auctioneer in the ballroom auction stands before the audience of bidders and observer as

he or she calls out the bids and asking for higher bids on the property being sold. This type of

auction is said to be clear because all the bidders compete openly in an open place at the same

time. Although a competing bidding environment usually produces the highest selling price,

the winning and the losing bid might not be distinict by a big gap because bidders keep

observing the behavior of others, which can make the bidding process drag.

Online Auction

During online auctions bidders compete on a particular service or product and submit their

bids online or over the internet. Internet auctions have become an important part of electronic

commerce because of the flexibility and possibilities they provide.

In this type of auction, the property is put on sale on the internet. Therefore, there are no on-

site bidders. Typical sale of the property on sale is conducted over computers connected to

the internet. Auctions done on the internet have specific timelines (opening and closing

dates), and sometimes with fixed increments of bids. Bidders enter their bids against other

competing bidders on the internet for the same item. Sometimes, proxy bids are used when a

bidder would like to set a predetermined highest bid he or she can make.

Sealed Bid Auction

This type of auction is used where confidential bids are preferred. The submitted bids are

opened at a place and time that were predetermined earlier on before the auction process

commenced. In the event that the seller is seeing optional terms of sale, sealed auctions are

usually chosen. Also, when there is more than just one item or service in the same auction, all

coming as one bundle or assembly, the auctioneer may choose to use closed auctions so that

each bidder can determine the best combinations that meet their own needs to bid on.

The Best Type of Auction

When selecting the type of auction to use in your business, you ought to consider the merits

and demerits of each type of bid. Whereas ballroom auctions are one of the traditional types

of auctions, it limits you to bidders who can make it to the venue of the property being sold.

It also involves a lot of logistics such as hiring a venue, which prove to be expensive.