Interested in Participating in an Auction? Here are Some Types of Auctions to Keep an Eye Out For

Real estate liquidation

The idea of an auction might intimidate some, but in reality, many auctions are actually accessible to members of the public. And these days with the internet, anyone can participate in an auction from anywhere around the globe. Online auctions are good for sellers, who can receive more exposure on the web, and they’re great for buyers, who won’t be restricted by scheduling or time constraints.

And these online auctions go beyond what most people see on eBay. Even some of the world’s largest auction houses, such as Christie’s and Bonhams, allow for online bidding on items ranging from fine art and classic car auctions to home and medical supply auctions. If you’re curious what kinds of items you can bid on, here are some examples of popular auction types:

Antique or Art Auctions
These are some of the most common types of auctions, or perhaps the ones that people think of when they hear big names like Christie’s, Bonhams, and Sotheby’s. While it is possible to see sales figures in the millions for these types of auctions, there are plenty of more modest art sales available, too.

Auto Auctions
From auctions for used car dealerships to the luxury auctions at Pebble Beach, car auctions are some of the most popular around. Auto auctions can be a great way to score a good deal on a car for the average consumer, and for the collector, it can be a way to purchase a rare model.

Business Auctions
Business liquidation auctions are used to sell a business. This often occurs when the bank has repossessed a business if it has gone under. These types of sales may also be titled retail liquidation auctions.

Estate Auctions
Just like the estate sales you see advertised in your local penny saver, estate auctions are used to sell off a deceased individual’s possessions. These auctions can be anyone from your neighbor to a rich and famous individual. (Or your rich and famous neighbors, if you have them!)

Government Auctions
Government auctions typically involve repossessed property, sometimes as a result of individual or business bankruptcy. Real estate liquidation can also result from foreclosure or other circumstances, and the government will offer homes for sale starting at fairly low bids.

Medical Supply Auctions
Medical supply auctions can be an easy way for hospitals to get the equipment they need. If a doctor’s office or hospital closes, another medical practice could have an advantage if they are able to purchase diagnostic equipment or other supplies from an auction house. Depending on what is available, a private individual could also bid on certain items.

Memorabilia Auctions
Many people love to collect celebrity memorabilia, from musical instruments to actors’ film costumes. These types of auctions tend to be fairly lucrative for auction houses, depending on what’s on the auction block.

Have questions about the types of auctions available in person and online? Check the website for a local or international auction house to see what’s coming up. You can also leave a comment below if you’d like more information or suggestions. Ger more information on this topic here.