Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.

Types of Auctions:

Different types of auctions take place around the world. Below mentioned are some types of auctions:

1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.

2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.

3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.

Examples of Auctions:

Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:

1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.

2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.

3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.

4. Horse auction: Bidders can bid for young horses of the best breed.

5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.

The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:

1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction

Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.

Ah, the old-fashioned country auction! The idea of a country auction conjures up certain images for people. The image of a fast-talking auctioneer offering up an antique table or chair is a popular example.

People who are buying household goods or collectibles are looking to get their items at the lowest price possible. However, the people who are selling their items at auction are hoping for the highest price!

Unless a person is in the business of buying and selling antiques or other items, not a lot of thought goes into how goods are prepared for sale via the auction process. However, if you are one of the growing number of people using auction venues to sell your collectibles or other inventory, there are a few things to learn first about how to sell at auction before you bring a truckload of stuff over to the next event.

Tip 1: Make sure the things you want to sell are a good “fit” for the auction house you’ll be using.

Never bring a load to an auction house without actually having been to one of the previous auctions. It’s important to get a feel for the type of goods that the house sells. For example, at one very rural country auction it was common for the owners to sell live chickens, pots and pans, car parts, and farm equipment.

After close investigation, this would not be the right venue for selling your daughter’s “Hello Kitty” collection. On the other hand, the spare John Deere parts that you bought at last week’s yard sale might be just the right thing for the buying crowd at this auction.

Tip 2: Be sure you clearly understand the terms and policies of the auction house.

Visit with the auctioneer ahead of time. Call to find out what the best days and times are to visit. One of the worst possible times to drop in for an informational visit with an auctioneer is the day of the auction. Call ahead and ask. While you’re at it, find out what are the best days and times to drop your stuff off.

Once you have a little time with the auctioneer, you’ll be able to find out what type of commission he or she takes from consigners (which is you), and what type of paperwork might be needed. Some auction houses send out Form 1099 tax forms at the end of the year. An auctioneer may need to see your identification and have you fill out a W-9. Be prepared.

Find out what happens to your items if they don’t sell. For example, some auctioneers may have a minimum starting bid. If, for some reason, one of your items does not sell, it may be grouped with another one of your pieces. Know the auctioneer’s strategy beforehand so that you aren’t surprised on pay day.

Tip 3: Make sure the auctioneer knows what you’re selling.

It might be perfectly obvious to you that the signed print you are consigning is a rare and valuable piece of art. However, the auctioneer may not know this particular artist. Make a note of anything particularly special about your items, and leave the note with the piece. Be sure to tell the auctioneer about it as well. He or she might determine that this is something to highlight on the company website or in the newspaper listing.

Tip 4: Present your items neatly.

No one likes to have to dig through a box full of grimy and greasy car parts to see what treasures might be in there. Separate the parts and lay them out on a flat, or use more than one box to de-clutter the lot.

There is no need to buy fancy display boxes. It’s easy enough to go to the local convenience store or supermarket and ask if you can have the emptied boxes or flats that they are discarding.

While it’s good to present clean items, take care not to ruin the value of anything by over cleaning. For example, if you find some old cast iron cookware, clean the obvious dirt and grime, but don’t scrub it to its original finish. For many people, this ruins the value of the item. So, clean and tidy and organized is the key here.

Tip 5: Don’t complain to the auctioneer if your stuff doesn’t sell for as much as you’d like.

The phrase to remember here is, “You win some; you lose some.” That’s just the way it is. There are some days where an auction house is loaded with people who all seem to want what you’re selling. There will be other days where the crowd is sparse, and the bidding is simply not competitive.

Remember that it’s in the auctioneer’s best interest to sell your things for the highest possible hammer price. But sometimes, it’s just not going to be a stellar sale. The auctioneer is only human, and is also disappointed if a sale doesn’t go as well as planned.

If you notice that every time you bring a bunch of goods to sell that you’re not realizing as much as you think you honestly should, try another auction venue and compare apples to apples. That is, bring the same types of items to the new auctioneer and compare the results.

Unless the auctioneer is particularly disagreeable or inconsiderate to you or buyers, there is no reason to confront him or her about a sale. If you find you just don’t care for an auctioneer’s style or methods, find another one. Believe me, there are plenty of them out there!

The primary thing to remember as you learn how to sell at auction is that the business is unpredictable at best. You will have good days, some not-so-good days, some great days. The more you sell, the more experience you will gain, and the more enjoyable the business will be.

While listening to the radio today, I heard this one bit on a morning talk show, one of the DJs was talking about the concept of humility. What he was saying was that leaders take full responsibility for everything that goes wrong in a business, but does not hesitate to give credit away when things go right. It got me thinking about home based businesses and how that relates. As a matter of fact, one of the biggest struggles in a home based business is…CONSISTENT ACCOUNTABILITY IN YOUR HOME BASED BUSINESS!Clearly, these two ladies are working the opposite angle of what we’re talking about! However, all fun aside, it is a very important component that I believe most home based business owners are missing in their repertoire of skills. Why do I say that? Because most home based business owners are formerly employees and are used to being HELD ACCOUNTABLE but not necessarily involved with BEING ACCOUNTABLE.There’s a big difference between these two simple differences in wording. Being held accountable means someone else is always following up with you to make sure you are getting your task items, goals, or action lists completed. It means someone else is taking the initiative to make sure you are taking the steps necessary to succeed in your home based business.However, being accountable means that you are taking the initiative to make sure you are getting your own action items completed, AS WELL AS making sure your organization is doing the same. We are our own worst enemies when it comes to a home based business, because we are tasked with the journey of seeking to become an entrepreneur. That means that we need to take success on by ourselves, on our own (making our own schedule, organizing our days, being diligent in self-motivation and self-learning).Again, the employee bit is to blame. When you work for someone else, little things are “out of sight, out of mind” because someone else is responsible for handling it. However, in your own home business, you need to be aware and knowledgeable of all the “ins and outs” of your craft, whether you are ready or not. As one of the great entrepreneurs of home based businesses put it, “you don’t know what you don’t know because you never knew that you needed to know it!”So how do you implement an efficient system of accountability?The first step is to have a list of daily goals that you need to accomplish. If you don’t have goals, then you should find out why they are so integral to success. You can visit my blog to find entries on that if you wish. The next step is easy: complete your list every day! Make it a habit to accomplish those goals every day and you will witness firsthand your business EXPLODE! However, what business owners struggle with is consistency.I find it so funny that people say that they are their own worst critics and their own worst enemy, but when it comes to doing things that will set them up for the future, they go easy on themselves. WHY GIVE YOURSELF AN EASY EXIT BY SUCCUMBING TO EXCUSES? The best of the best make it happen, regardless of what stands in their way. That is why they are where they are. They don’t allow themselves to have excuses because they know that every day they fail to accomplish their daily action plan is another day further that they have pushed away their dreams and aspirations. How does that make you feel? Hopefully, that makes you feel sad… be driven!What are some methods to stay accountable?- Accountability buddiesFind someone of like mind who is interested in success, and grab on to one another and help each other take your businesses to the top. Driven people should always associate with other driven people, and a great accountability method is to have you and your partner call each other a couple times a week to make sure you are both staying on task.- Failure statementsA self-motivation method to psyche yourself up could be to create a failure statement to read to yourself every day that you don’t accomplish your daily tasks. It can go something like “I did not accomplish what I set out to do. I guess (insert your “why” here) just wasn’t important enough to me today.” For visual and emotional people, this works wonders.- Point systemThis is something to implement in a group setting in your home based business. It’s almost like a game of friendly competition to see who can succeed more and faster. You create a series of result-producing activities and you assign point values to them. Every time you or a teammate completes the task, you get that point value. You add up your points daily and report either your daily or weekly scores on a group conference call. This method is to directly squeeze the inherent pride inside you to motivate you to take action, lest you be embarrassed in front of your group.