For Knowledge On Live Auction AZ Should Be Prioritized
The process of selling commodities through bidding is called an auction. The auctioneer puts the commodity up for bidding, takes prices from various participants, and makes the sale to the highest bidder when no one else is willing to bid. There are many versions of this process in existence today. To know more concerning live auction AZ offers the best place to consider checking out.
Open ascending auction requires bids to be placed openly. Each bid placed is required to increase the price. Calling out of bids by the bidders as they are placed is common. Auctioneers may also announce the bids placed by the bidders. Prices are placed on displays for everyone to see in electronic versions of the process. Bidders can view the bids and make decision on their next bids.
The term auction derives from a Latin word that translates to I increase or augment in the English language. The use of auctions has dominated a better part of the history of human beings and was relied upon as a reliable way of negotiating prices. The practice has a long history that stretches far back as the 500 BC. According to history, Babylonian women were auctioned for marriage and it was illegal to marry a daughter outside the auctions method.
These major types of auctioning methods exist today, that is, sealed first-price, Vickrey, Dutch, and English auctions. The English auctions also go by the name open ascending price auctions. It is the commonest of all the others. Bids are made openly, announced, and are ascend. If no more people are willing to place bids, the process is considered concluded.
Auctioneers have the right to set minimum prices for their commodities. Failure on the part of the participants to attain the minimum price leaves the commodity unsold. Participants always know the price placed by the last bidder. This feature is what makes English auctions different from the others. Artwork and antiques are the commodities sold through this method.
The Dutch auctioning method is also referred to as open descending price auction. In this kind of auctioning, the auctioneer starts by asking a high price for a certain number of items and continues to lower it until the buyer is willing to pay the sum. This method is commonly used in the Netherlands to sell flowers and other perishable products such as tobacco and fish. The use of this method is not very wide as the English auction.
First-price sealed-bid auctions are the other named for sealed first-price auctions, which is also abbreviated as FPSB. This form of bidding allows all bidders to submit their bids simultaneously. Bids are usually sealed so that no bidder know what other bid. The commodity is sold to the highest bidder. Each individual is entitled to a single bid only.
Vickrey auctions also go by the name sealed-bid second-price auctions. All aspects of FPSB and this version are similar with one major difference. The difference is that instead of paying the highest price, the winner pays the second-highest price. This method is not common in non-automated contexts.
Open ascending auction requires bids to be placed openly. Each bid placed is required to increase the price. Calling out of bids by the bidders as they are placed is common. Auctioneers may also announce the bids placed by the bidders. Prices are placed on displays for everyone to see in electronic versions of the process. Bidders can view the bids and make decision on their next bids.
The term auction derives from a Latin word that translates to I increase or augment in the English language. The use of auctions has dominated a better part of the history of human beings and was relied upon as a reliable way of negotiating prices. The practice has a long history that stretches far back as the 500 BC. According to history, Babylonian women were auctioned for marriage and it was illegal to marry a daughter outside the auctions method.
These major types of auctioning methods exist today, that is, sealed first-price, Vickrey, Dutch, and English auctions. The English auctions also go by the name open ascending price auctions. It is the commonest of all the others. Bids are made openly, announced, and are ascend. If no more people are willing to place bids, the process is considered concluded.
Auctioneers have the right to set minimum prices for their commodities. Failure on the part of the participants to attain the minimum price leaves the commodity unsold. Participants always know the price placed by the last bidder. This feature is what makes English auctions different from the others. Artwork and antiques are the commodities sold through this method.
The Dutch auctioning method is also referred to as open descending price auction. In this kind of auctioning, the auctioneer starts by asking a high price for a certain number of items and continues to lower it until the buyer is willing to pay the sum. This method is commonly used in the Netherlands to sell flowers and other perishable products such as tobacco and fish. The use of this method is not very wide as the English auction.
First-price sealed-bid auctions are the other named for sealed first-price auctions, which is also abbreviated as FPSB. This form of bidding allows all bidders to submit their bids simultaneously. Bids are usually sealed so that no bidder know what other bid. The commodity is sold to the highest bidder. Each individual is entitled to a single bid only.
Vickrey auctions also go by the name sealed-bid second-price auctions. All aspects of FPSB and this version are similar with one major difference. The difference is that instead of paying the highest price, the winner pays the second-highest price. This method is not common in non-automated contexts.
About the Author:
Find a list of the advantages of attending a live auction AZ area and more info about upcoming auctions at http://brunksauction.com today.
posted by Vittoria @ August 04, 2016
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home