Auctions have been a worldwide phenomenon for many decades now, with thousands of people attending in person every year and thousands more online. There’s a variety of these events, with some of the main ones involving houses, cars, storage units, and art. If you’ve never been to one, either online or in person, then this article is the perfect place for you to begin as it describes what you can expect from a typical auction.
What You’ll See
Let’s begin with a breakdown of the typical items and people you can expect to see present. The auctioneer is the person who starts, stops, and runs all of the sales. They determine the flow of the sales and act as the MC of the entire event, with many of them utilizing the typical fast-talking speech that you’ll see in movies and tv show recreations.
In the auctioneer’s hand, you’ll often see something called the hammer, which is exactly like the gavel that a judge will use and acts in the same way. Once it strikes the podium, that declares the official end of the bid.
A paddle might also be present, although there are some places which opt not to use these. If they are present then each spectator will be given one, and they’re meant to indicate that you are placing a bid on the item currently up for sale.
What You’ll Hear
When it comes to the terms that are used during these events, some people can get confused. One of the main terms you’ll hear that might be unknown to some attendees is the term “lot”. Lot means the item that is currently up for bidding. If the auctioneer says the term “cosigner” this means the individual or group that is responsible for giving the item up for sale. The last common term you might hear is “appraisal” which is the value that the organization hosting the event has assigned to the item or lot.
What You’ll Do
There’s a fairly straightforward process that you can expect to see attending a live auction somewhere like Dania Beach. A preview event will be held before the selling begins, where spectators have the opportunity to closely examine each item behind a glass box. Afterward, the auctioneer will bring each lot onto the stage individually and a bidding session will begin on that item. The auctioneer will take bids placed by spectators until no one offers to top the current highest bid, at which point the bidding will stop and the item will be sold to the individual who placed the highest bid. This process repeats until all the items have been bid on, at which point the event is over.