Which Auctions Best
Fit Your Needs?

There are many different kinds of auctions. If you're looking for a bargain, an auction online or offline, is an excellent source. So the question is, which ones best fit your needs? You will soon find out.

First of all , you will want to find one. You can usually find this type of sale advertised in the classified ad section of your local paper. There should be both line ads and display ads. Look for fliers posted on public or community bulletin boards.

Some companies even produce a catalog that highlights the items they will have for sale. Find out if they have a mailing list and get on it. When you're out and about you may notice signs along the roadside directing you to a sale. Follow them.

Auction Basics

Auctioneer - An auctioneer is someone who is trained in the legalities and procedures of running a sale. Depending on where you live they may be required to be licensed and bonded as well.

Absolute - This is where there is no minimum bid, or reserve, for the item to be sold. It will be sold regardless of the price. This is of course, the best environment for the bargain hunter.

Reserve - A reserve is where a seller has set a minimum price that they will accept for an item. If the reserve is not met, the item does not sell. This protects the interest of the seller but may not be the best deal for the buyer.

Buyout - A buyout is when a bidder is willing to pay a price preset by the seller. The sale ends when someone bids the preset amount. An example would be the "buy it now" price on ebay.

Buyers Premium - A buyers premium is a percentage of the winning bid that is added on for the benefit of the auction company. It is not bargain hunter friendly. Make sure you know if a buyers premium applies to your situation or not.

Private - Here a bidder remains anonymous. Their identity is kept private usually for security reasons.

Public - Anyone is welcome and identities are not hidden.

Outcry - Bidders openly and orally call out their bids.

English - Bidders openly bid against each other either by outcry or by signaling the auctioneer. The item goes to the highest bidder.

Dutch - In the offline world this is also referred to as a reverse auction. The price starts out high and is lowered in increments until someone bids on it. In the online world however, dutch refers to several identical items being sold at the same time.

Silent - Usually done at charity events where several items are sold at the same time. Bids for items are submitted on paper and then, at a predetermined time, they are opened. The highest bidder for each item gets that item.

Sealed Bid First Price - The bid is submitted on paper without knowing what others have bid. The item goes to the highest bidder.

Sealed Bid Second Price - The bid is again submitted on paper, but this time the highest bidder pays the second highest bid instead of his own highest bid. A little more bargain hunter friendly, don't you think?

Types of Auctions

Antique - These are sometimes limited to dealers and may be private.

Boat - About all you'll find here are boats, but if that's what your looking for you'll be in the right place.

Collectible - Collections can be anything from books and coins to toys and automobiles. Depending on the type and caliber of the collection, some of these may also be private.

Consignment - All kinds of things from all kinds of people. Anything from a box of screws to an eighteen wheeler semi and trailer can be found here. Bring your trailer. By far my favorite. Click consignment auctions for more information.

Dealer Auto - These are limited to licensed dealers only. They are not open to the public.

Estate - These are usually the liquidation of a deceased persons assets and may or may not include the real estate. They can last from one to four days. Almost anything can be found here.

Jewelry - If there is anything a jewelry lover loves more than jewelry it's bargain priced jewelry. A good supply can be online and offline. Depending on the quality and the source, some of these may be private.

Livestock - Looking for some cows, bulls, horses, pigs, or any other kind of livestock? This is where you will find them.

Online - The champion in this field is, of course, ebay. However, as an online search will show, they are not the only one online.

Personal Property - Sort of like an estate auction only the person is not dead. They may be getting rid of some or all of their property, and sometimes even the house. You'll find many of interesting things here also. Another one of my favorites without a doubt.

Public Auto - Looking for cheap cars? You'll find plenty of used cars at public used car auctions. As the name implies, these are open to the public. This is indeed another one of my favorites.

Real Estate - A lot of real estate is being sold through auctions these days. It kind of beats letting something sit on the market forever. You can find houses, and acreage as well as ready to build lots.

Used Auto - There are several types that include dealer, government, insurance salvage, online, police, and public. Click used-car-auctions. for more information.

Government Auctions

And speaking of real estate, the VA has a lot of houses, and you don't have to be a vet to get one of these. The SBA has personal property, business equipment, and real estate.

Then there are the US Marshall sales that include foreclosed real estate, airplanes, cars, boats, jewelry, and other personal property. And don't forget the US Postal Service. They have damaged items and undeliverable items.

Police Departments have just about anything that can be lost, stolen, and/or confiscated. This may include bicycles, electronics, jewelry, and personal items. Municipalities also have sales where you can find a wide variety of items. These are all open to the public and some are available online and offline.

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