Actions in London - About Auctions
Auctions - About Auctions
An auction is a sale in which the value of an item can be determined by bids. The item is sold to the highest bidder. An auction can be public or private.
A private auction is an auction in which the identities of the bidders are hidden, usually for security reasons such as art piece.
A public auction is an auction in which the bidder(s) identities are not hidden and anyone can attend.
The item can be offered with reserve or minimum, or without minimums, or absolute or no reserve; if the bidding does not reach the minimum, there is no sale.
Almost anything can by sold at an auction. Examples of items that can by auction are
Antiques, collectibles, real estates, cars, farms and lands.
Other types of auction items
Additionally, commodities can also be sold at auction. Commodity auctions are not
very common, because it involves big businesses and corporations and is not publicly visible. Examples of commodity auctions are spectrum auctions, timber auctions, environmental auctions, debt auction, and sales of businesses.
Auction can be conducted in-house in auction houses i.e. Sotheby’s, and on-line like e-bay.
In House Auction
With this type of auction participants bid openly against one another in an auction house, the bid after the first bid is always higher than the first, with each bid being higher than the previous bid. The auction ends when no participant is willing to bid further, or when the "buy-out" price is reached, at which point the highest bidder pays the price. The seller may set a 'reserve' price and if the auction fails to have a bid equal to or higher than the reserve, the item remains unsold.
Examples of Auction Houses
Christies
Bonhams
Bonham’s and Butterfields
Dorotheum
Lyon & Turnbull
Sotheby’s
Online Auction
An Online auction is one in which participants bid for products and services over the internet for example auctions at the e-bay site. E-bay is an on-line auction house where buyers and sellers can meet online to buy and sell their goods. E-bay makes the process of auctioning on-line easier by providing the tools for listing, displaying the items, bidding and paying for them.
Similarities between on-line auction and in-house auction
Both requires bidding –the initial price starts low and the bid goes up by successive bidders.
The value of the item(s) can be determined by bids.
The item can be offered with reserve or minimum, or without minimums, or absolute or no reserve.
Advantages of on-line auction
Bids can by place at any time (24/7) therefore no time constraints.
Worldwide market – sellers and bidders can come from anywhere in the world no geographical constraints.
Convenient
Worldwide exposure of goods and services – resulting in large number of seller and bidders.
links
www.bonhams.com, Montpelier St SW 7 : Fine art auctioneers and valuers :Auction and valuation services.
- end of the line clearance - are fully operational and come with a one year guarantee. Kitchen & home, entertainment, computing etc
Strettons – property auctioneers : 0208-520-83-83
Plaistow Auctions – 0208-500-5100
Clive Emson – Land and property auctioneer –
www.cliveemson.co.uk
Plaistow Auction - 0208-533-5001
For your nearest- UK auction site
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www.ukauctionguides.co.uk - UK Auction Guides, for Auctions and Auction Venues. Find auctions in the UK, UK trade and wholesale suppliers, auction and business eBooks, Antique. To see a list of auctioneers in London and the south-east, click on the
auction links.
Vehicle auctioneers
www.british-car-auctions.co.uk
www.auctionlotwatch.co.uk/ : -
list of major uk auction sites
M&J Forest 2000 auctions : - Tel 0208-5567-009
.