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New to the auction world? We’ve got you covered! If you are unfamiliar with the different types of auctions, it may seem overwhelming at first. To make it easier, we have explained a few of the most common types of auctions in this blog! Continue reading to find out more about the different types of auctions including live auctions, online auctions, sealed bid auctions, and more.  

Live Auction 

A live auction is where bidders will be in person to bid on items. Typically, bidders will need to bring a valid form of identification and have a payment form ready before bidding. Before the auction begins, bidders will receive a buyer’s number or bidder card that will be used to make a bid. Qualified auctioneers are present at a live auction. Usually, they will go through selling each item individually and bidders can bid on items by raising their arm or their buyer cards. Once there are no other bids, the last person to bid on the item is the winner. Live auctions typically have a lively and competitive atmosphere. Live auctions are commonly used for art, antiques, real estate, and charity auctions. Sometimes there is online bidding at live auctions depending on the auction house.  

Minimum Bid Auction  

A minimum bid auction is where a minimum price is stated beforehand, and the auctioneer will only accept bids at or above this price. This type of auction helps reduce risks for the seller since they know their item or property will be at least sold at the minimum price. 

Sealed Bid Auction 

A sealed bid auction is where bidders can only submit one bid in a sealed envelope and the highest bidder wins. This type of auction is unique because bidders cannot change their bids based on competitors. In this type of auction, the seller has more control since they can see how much each bidder is willing to pay for the item or property. Sealed bid auctions are commonly used for government contracts and real estate sales.  

Online Auction 

Online auctions are conducted completely over the internet and only registered bidders can compete in the auction. This type of auction provides more flexibility since bidders can participate remotely from any location. This type of auction is used for a variety of items including collectibles, electronics, and more.  

Reserve Auction  

A reserve auction allows the seller to reject the winning bid. This ensures that the item or property won’t be sold at a lower-than-acceptable price, allowing for more peace of mind for the seller.  

At Backes Auctioneers, we can perform many types of auctions for several industries. To learn more about the different types of auctions we offer, visit our website or give us a call if you need any assistance!