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Choosing your Auction

Author: The Auction Collective

Published: 16 Jan 2020

Choosing your Auction

At The Auction Collective there are four different types of auction to choose from. This guide runs through the differences and advantages of each. Live Auction vs Timed – which is best for your auction? And just what is a Print Auction? Is Live Streaming worth it? This guide runs through the differences and merits of each type of auction. 

For more advice on which auction to choose, arrange to speak with a specialist by contacting [email protected].  

 

Live Auctions

 

These are physical auctions with a crowd of bidders attending in person. Lots are listed in advance of the event on a dedicated webpage where bidders can also register for the auction. People who can’t join in person can leave absentee bids or set up telephone bids. 

In some instances, we can also live-stream the auction for people to view the event in real time and bid remotely through our ‘click to bid’ software (see demo). 

Functionality

Additional support

Best for

  • Organisations and people with a strong following and network of buyers
  • 5-40 auction items (depending on the event)
  • Charity gala evenings, networking events, parties, closing night events 

Examples

 

Timed Auctions

 

Timed Auctions, also known as Silent Auctions, Online Auctions or Online-Only auctions, are hosted entirely online with no auctioneer (see demo here). In this e-Bay style of auction, bidders have a set amount of time to submit their bids and are notified when they have been outbid. 

To maximise the sale of each lot, if someone bids in the last minute the entire auction is extended by two minutes. Our unique extension of the entire auction gives the underbidder a chance to bid again on their original lot or any other in the sale.

Unlike a Live Auction the starting price (also known as a reserve) is visible online. For this reason, Timed Auctions are perfect for offering items that have very attractive prices compared to their value. For instance, an object that is worth £5,000 – 7,000 that you are happy to sell for £1,000. 

As with a Live Auction, no sold or unsold results are published once the auction has finished (see example here). 

Functionality

  • Register bidders and allocate bidding paddles 
  • Receive single bids
  • Receive maximum bids – where our software bids against others on the buyer’s behalf until their maximum is reached (see How to bid)

Additional support

Best for

  • Large auctions (5-500 lots) 
  • Auctions with no physical space or small budgets
  • Items that might be trickier to sell 
  • Monitoring the success of the auction 
  • Auctions over long periods 
  • Auction lots with attractive starting prices

Examples

 

Live Stream Auctions

 

Live Stream auctions are run online with an auctioneer in broadcast live from a studio. Live, in-person auctions can also include the live-streaming set up to involve bidders and viewers from outside the event.  

Functionality

Additional support

Best for

  • Events with no venue 
  • Lockdown restrictions 
  • 5-40 auction items (depending on event)
  • Auctions with lots of guaranteed bidding / a network of enthusiastic buyers 
  • An addition to an in-person auction 

Examples



Print Auctions

 

As far as we know, Print Auctions are unique to The Auction Collective. These are auctions for items created in limited editions such as photographs, sculptures or prints. They can run for an indefinite amount of time until all items are sold. 

All items from an edition are listed online in a dedicated online shop. All but one of each editioned item can be bought instantly through a standard e-commerce store. When only one item from the edition remains, due to its rarity, it is auctioned off via a Timed Auction. 

For example:  An artist creates a print created in an edition of 10. All 10 prints are listed online to ‘buy now’. The first 9 are sold on a first come basis. But the last print in the edition is held back for a forthcoming auction. All collectors who missed out on the opportunity to buy one

of the 9 prints are directed to the auction. Because of its rarity and the competitive bidding, a much higher price is achieved for the print. 

Functionality

  • Ecommerce shop 
  • Payment processing 

Additional support

Best for

  • In demand limited edition items
  • Launch of editioned products (also know as a ‘drop’) 
  • Regular recurring revenue 

Examples



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Suggested for you:

For a free one to one consultation with our auction advisory team, contact [email protected].
For more hints and tips on how to run an auction, sign up to our Auctioneer's Newsletter.

 

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