Differences in the Types of silent Auctions That Take Place Around the World

Whether online or offline, auctions are quite popular and have been a major attraction for businessmen as well as common folks and it existed as far as one theme basket ideas for silent auction can trace back in history. Auctions have existed since the dawn of time, and they simply continued evolving alongside its society. In case you are new to auctioning or if you want to skim through the basic rules, here are the basic steps that can be seen at a regular auction.

1) Person X wants to sell an object.

There is an object in which you wish to sell, but do not know how much it could go for; in that case, it may be better to have it shown to everyone. (It is also quite possible that you know the value of the object, but simply want to fetch the highest price possible.)

After setting a base price for your object, it is then given to an auctioneer. This so-called auctioneer can either be a real person or a website that acts as a virtual mediator.

The auction is shown to the public (which does not apply to a silent auction) people then bid on the object; if Person A bets $5, then any other individual wishing to acquire the object must bid $5 plus an increment.

The auction will end under at least three circumstance: if the auctioneer deems the current bid so impressive that he closes the auction, if the time allotted for the object has finished and finally, if one person bid and no other person decided to outbid him.

Offline versus Online

When the digital age came, it brought with it some very important auction-like websites that specialize in having items presented and sold exactly like offline auctions. Evidently, offline auctions end much quicker than online ones, since the later can actually last for days with bids flying left and right. As well, it is normally easier to navigate and get information about items up for auction on a nicely organized website. Where the offline auctions get the higher hand is when it is time to finalize the transaction with the exchange of good and money. In an online auction, you need to place trust in the seller to actually send you the item as they