Have you ever wondered what exactly is up with auctions? Want a simple explanation? This informative report provides the most basic – simple to understand – information available on auctions.
If you don’t have accurate details regarding auctions, then you might make a bad choice when bidding in one. Don’t let that happen to you: keep reading.
The most basic explanation is an auction is the process of buying and selling items by offering them up for bid, taking bids, and then selling the item to the highest bidder. Auctions are also used for determining the value of an item.
Auctions can be setup with/without reserve or minimum, or as abolute.
Reserve auctions generally have a minimum bid or reserve price. If the bidding does not reach the minimum, there is no sale. Although the seller may still owe the auctioneer their fee.
In absolute or no reserve auctions, the sale is guaranteed, with only the price left to be determined. In the context of auctions, a bid is an offered price.
Almost anything can be sold at an auction. Some typical items sold at auctions are:
Antiques – The antique business,...
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