Archive for the Category ◊ Estate Auctions ◊

Estate Auctions
Wednesday, December 16th, 2009 | Author:

Do Estate Auctions Interest You?

By Ferry Suwantoro

Estate auctions seem to be the most popular places that may fit your residence. You can find any furniture, odd chair, an old designer side table that could be turned into a center piece for your home or an antique cabinet that could be refurbished for your stylish house. Estate auctions used to offer you the best deals than antique furniture shops.



You never know what items they put on the estate auction. They could be something that make you more satisfied than you first expected.

Make sure to come to the auction site an hour or half hour earlier than actual auction schedule. You will have time to inspect the item that you might be interested. You can estimate the price for each item, then helping you to the decide the highest price you will pay for it.

Look for the labels or manufacturers of the items you want, while inspecting. These will give you average of its value.

Bid at your confidence. It is best to wait for the last items of the auction, when the crowd is decreasing. This will works the best among people who like to bid on non-furniture items.

Do not join the bidding wars. If you want to buy a certain piece of furniture so badly, chances are there is someone in the crowd who wants it too. You’ll know this for certain if someone in the crowd tries to outbid you.

Don’t get emotional to the bidding wars, since so many people would like to bid higher on one item. Outbidding each other only make the price higher. An item is only as good as its original value.

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Form of Auctions
Thursday, December 03rd, 2009 | Author:

Form of Auctions

By Ferry Suwantoro

English Auction: This auction is used at English auction houses like Phillips, Sotheby’s, and Christie’s. The process starts when the auctioneer announces the item and the minimum bid. Individuals openly try to outbid each other. The item is sold when the ‘buy-out’ price is reached or when there is no other person willing to place a higher bid. The ‘buy-out’ price is a pre-determined amount that is set by the seller. This is also known as a reserve price. This is the lowest amount at which the seller is willing to sell the item. This gives the seller the right to refuse the sale if the final bid does not reach the reserve price.



One variant of the English auction is the silent auction wherein people can write down their bids together with their name on a piece of paper. At the end of the auction, the bids will be calculated and the highest bidder wins the item.

Dutch Auction: In this auction, the auctioneer begins by announcing the highest asking price. The amount is then lowered until someone is willing to buy the item. The bidder pays for the last announced price. This auction is convenient if the seller wants to sell the goods quickly since the process requires just a single bid to get a sale.

Chinese Auction: This combine an auction and a raffle. The bidders are not the ones who will call the price. Instead, the bidders will buy a ticker or tickets and place them inside the “hat” from which the winners will be drawn for a specific item. The bidders can buy as much tickets as they want to increase their chances of winning. The term is more likely to come from “chance auction”.

Sealed auction: In this Auction, bidder place their bids in an envelope, usually in an envelope.The one bid the highest wins the item. A similar version, called the second-price sealed auction is the auction where the highest bidder wins but pays the price of the second highest bid.

All-pay Auction: In this Auction , all the bidders have to pay for the amount they bid regardless of whether they win or not. The one bid the highest wins the item.

Category: Basic Auctions, Estate Auctions  | Tags: , , , ,  | 4 Comments