Learn Auction Basics
Public Auction or Open Auction
An auction that anyone can attend. The auctioneer offers items for bids.
All items are sold to the highest bidder.
Absolute Auction
This is the best type of auction to attend. An Absolute Auction has no reserve prices pre set. The auctioneer must except all bids. If there is only one bid of one dollar on an item. The auctioneer must sell to that bidder.
Private Auction
Operates the same as a public auction. But the public is not invited.
Bidders must be invited by the auctioneer, or his employer.
Reserve Auctions
A reserve auction is generally open to the public. The auctioneer offers items for bids with a minimun price. If that price is not reached in the bidding. That item is not sold. If the owner of the item is present at the auction. The auctioneer will ask him if he will except the lower bid. Sometimes yes Sometimes no.
Sealed Bid Auctions
These auctions or most often conducted by mail. On your request the government will send you an "Invitation to Bid" form (for each item you wish to bid on ). You must fill it out. Include a deposit (set by the auction). Then mail it to the auction by a preset cut off date. All bids will be opened at the same time , and the highest bidder wins. If you do not win the bid. Your deposit will be
returned along with the results of the auction.
Spot Bid Auctions
Similar to a sealed bid auction. But you would be present at the auction site.
As each item comes up for sale if you wish to bid you will write down your bid and bidder number. Insert it into an envelope. Then hand it to the auctioneer. He opens all bids. The
highest bid wins.
Negotiated Sales Auctions
Bids are made before you attend the Auction .
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