The different types of online auction is straight
auction, reserve auction, Dutch auction, private auction, overstock auction. An
English auction on the internet is called as absolute auction, ascending price
auction, English auction, forward auction, reserve price auction, standard
auction, Yankee auction. A classic Dutch auction is called as Dutch auction,
reverse auction, and bidder's choice.
A sealed bid auction
on the internet is called as private auction, sealed bid auction. A Dutch
-vickrey auction on the internet is also called as vickrey option. Proxy
bidding agents on the internet is called as proxy auction, robo bid. An online
auction means buying and selling of products by the process of bidding and then
offering the goods to the highest bidder on the internet. There are various
types of online auction, the most common being English auction.
In this type of auction, a reserve price is fixed for the goods and
the customers offer larger and larger bid. Finally, the product is sold to the
highest bidder. Different people offer different bid prices; the bid is completed
once the highest bidding is done by a person and no one does bidding after
that. After the hammer has been hit no one can bid. In some cases, when the
reserve price is not revealed, the bid ends if no one is willing to bid an
amount higher than the reserve price.
The traditional method
of English auction includes the use of a candle. In this method, the winning
bid was that the last one which was offered just before a candle died out. A
Dutch auction is a method of selling in which the price is reduced until a
buyer is found. For example, the home was offered in a Dutch auction beginning
at $150,000. The auctioneer lowered the price gradually in $5,000 increments
until a bidder was found willing to pay $120,000. Therefore, the home was sold
for $120,000.
Private auctions are auctions with a special
setting that hides the identities of all bidders. This means that people who
view your auction page cannot see any of the bidders on the item. Private
auctions should be used when an item is highly collectible and to hide bidder's
identities on items that could be embarrassing if anyone viewed their recent
bids list. A vickrey auction is a type of sealed bid auction, where bidders
submit written bids without knowing the bid of the other people in the auction.
the auction was created by William vickrey.
Article Source:http://www.articlesbase.com/real-estate-articles/types-of-online-auction-593085.html About the Author
RonVictor is a Expert author for Property auction and uk auction
list. He has written many articles like Property auctioneers, Uk property auctions, property in uk and Property
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