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7 Examples of Auctioneering

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Auctioneering is a business model that provides auction services to buyers and sells often for a commission. This can be online using a digital platform or in-person using a professional known as an auctioneer. The following are common types of auction.
English Auction
Competitive auction where buyers bid against each other. Each bid has to be higher than the previous bid. Auction ends when there are no further bids. Highest bid wins.
Dutch Auction
The auctioneer starts with a high price and lowers the sellers bid until it is accepted by a buyer. First buyer to accept wins.
Sealed-bid Auction
Participants submit secret bids and don't know the bids of the other participants.
Vickrey Auction
A sealed bid auction where the highest bidder wins but only pays the price of the second highest bid.
Penny Auction
Buyers pay a fee to enter and bids are increased by a small increment each time. Highest bid wins.
Absolute Auction
The product is sold to the highest bidder even if this price is very low.
Reverse Auction
Sellers bid for the opportunity to sell goods or services to a buyer.
Overview: Auctioneering
Providing a service that connects buyers and sellers through a process of bidding.
A properly run auction has a competitive feel that may provide sellers with the best price. Works particularly well for rare items with a difficult to evaluate worth.
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