Auctions

AUCTIONS

Going. Going. Gone! Take a deep breath. Stay calm. Do not get caught up in the rush of the auction… many people have bid up and up without stopping to think. It is the job of the auctioneer to excite the buyers. Set a limit and keep your limit… easier said than done.

Auction houses take items on consignment for the owners. The owner sets a limit for the lowest they want a piece to sell. The auction house will move on to another item if the reserve price is not met. Buyers can inspect the items before the sale and often catalogs are published to announce what pieces will be at each sale.

The auctioneer gives a short description of the item and then begins the bidding process. Buyers indicate their interest by a gesture such as a nod, wink or a wave of the hand. Each buyer has a number on a placard to identify who is making the bid. Sometimes buyers are not present for the sale so they are reached by telephone… they are given the latest bid by a representative of the auction house and allowed to raise the bid if they are inclined.

Finally the bidding slows and the auctioneer gives a signal that bidding is going to close. The auctioneer might give “fair warning” and then bring down a rap of the hammer to signify a close to the sale. The buyer is announced and the sale progresses to the next item for sale.

This age-old process is now being repeated in the virtual world of the Internet. Many auction houses have established websites. The primary difference of Internet auctions is a time limit is usually set for the sale to be completed.

Potential buyers can make bids online and see what others have bid against them. At the appointed moment, the sale stops and the buyer is awarded the item. The seller ships the item and the auction house receives a commission.

If your have not been to an auction you are missing a wonderful experience… even if you do not buy anything, but what’s the fun of that?



	AUCTIONS Going. Going. Gone! Take a deep breath. Stay calm. Do not get caught up in the rush of the auction… many people have bid up and up without stopping to think. It is the job of the auctioneer to excite the buyers. Set a limit and keep your limit… easier said than done. Auction houses take items on consignment for the owners. The owner sets a limit for the lowest they want a piece to sell. The auction house will move on to another item if the reserve price is not met. Buyers can inspect the items before the sale and often catalogs are published to announce what pieces will be at each sale. The auctioneer gives a short description of the item and then begins the bidding process. Buyers indicate their interest by a gesture such as a nod, wink or a wave of the hand. Each buyer has a number on a placard to identify who is making the bid. Sometimes buyers are not present for the sale so they are reached by telephone… they are given the latest bid by a representative of the auction house and allowed to raise the bid if they are inclined. Finally the bidding slows and the auctioneer gives a signal that bidding is going to close. The auctioneer might give “fair warning” and then bring down a rap of the hammer to signify a close to the sale. The buyer is announced and the sale progresses to the next item for sale. This age-old process is now being repeated in the virtual world of the Internet. Many auction houses have established websites. The primary difference of Internet auctions is a time limit is usually set for the sale to be completed. Potential buyers can make bids online and see what others have bid against them. At the appointed moment, the sale stops and the buyer is awarded the item. The seller ships the item and the auction house receives a commission. If your have not been to an auction you are missing a wonderful experience… even if you do not buy anything, but what’s the fun of that?