Auction is those events where good and properties are sold to highest bidder. Actions are mostly public even, where bidders bid on the things they like. And during auction, price of the item is decided by the bidder rather than seller. It totally depend on bidders how much he is willing to pay on specific item.
At time of auction, bid is proof of legal binding. Bidders will pay the amount on which they got agree at time of bid , In sum high profit Auction, bidders might have to pay deposit in escrow accounts or give a proof that they can pay for those items.
At time of auction, bid is proof of legal binding. Bidders will pay the amount on which they got agree at time of bid , In sum high profit Auction, bidders might have to pay deposit in escrow accounts or give a proof that they can pay for those items.
Type of Toronto Auctions:
Various types of auctions take place around the world.
Various types of auctions take place around the world.
1. English Auction:
This is very basic type of auction. In this type, you can see item and then start bidding on items. And lots of bidders will slowly raise the bid value until everyone gives up. And the highest bidder would be winner. An auctioneer manages an auction, will keep all records what going on bid and decides the winner. Sometimes, seller will quote a minimum amount of the item to the auctioneer, and auctioneer cannot sell that item below that.
2. Dutch Auction:
In this type of auction the auctioneer will set one particular price of the item and then gradually lower the price. People will start bidding and later they will decide which prices are suitable for the item. And this type of auction basically use by seller to sell large quantities of same products to the people. For example Seller may want to sell large amount of will thus and hay, want to sell this hay at same amount to the people, once reasonable price is decided.
3. Silent Auctions:
In this type of Toronto auctions bidder in public will present their bids in sealed format. Sealed bid open at same time and the bidder with highest bid will win. Modification can also be done in this type of auction. Bidder will give some time, in which they can roam in room in which items are displayed, and they can write bids on an associated paper. Bidder can see bids of other people and can choose a higher price for an item.
