Auctions

Auction

A method of selling by which an item is put up "on the auction block" and interested parties "bid" for the item in increasing money amounts until the highest bidder is finally left unchallenged and thus becomes the buyer. The item seldom comes with a guarantee to its age, origin or authorship and thus auctions are "buyers beware"

If you are the last and highest bidder when the auctioneer's hammer falls means you are the successful buyer. Also means you are legally committed to paying the price you bid and completing the sale.

Types of auctions:

• Large composite

Tend to have over 100 lots. Expect well over 300 people to attend and the venue to be held in a large hotel or conference centre. Large composite auctions are likely to be run by a single auction house. The type of property may be restricted to just one or may be a mixture of different types.

• Medium composite

Have between 5 to 100 lots and will typically attract between 200 to 500 people, most likely in a hotel or conference centre. It's analogous to a large composite, only on a smaller scale.

• Small composite

Offer between 2 to 5 lots and will attract upto 5 bidders. The likely venue is likely to be somewhere likes a pub, restaurant, church or small hotel.

Single lot

Identifying Auctions:

Auctions aren't as easy to find as you might be expecting. Traditionally auctioneers get more than enough interest from in-the-know regulars so they don't need to spend much money on costly advertising to the public. Also there are details on each auction house including which area the auction house covers.