Online auctions function similarly to traditional auctions, but they exclusively take place online. Here’s how they typically work:
- Listing: Sellers list their items on an auction platform with detailed descriptions, photos, and sometimes a starting or reserve price.
- Bidding: Buyers who are interested in the item place bids, either manually or using automated bidding systems that increase their offer to a preset maximum.
- Winning the Auction: When the auction ends, the highest bidder wins the item, provided the bid meets any reserve price. Some platforms may have "Buy It Now" options, allowing buyers to purchase the item outright without waiting for the auction to conclude.
- Payment & Shipping: The winner makes the payment through the auction site’s secure payment method. Once the seller confirms the payment, they dispatch the item to the buyer.
Online auctions allow a global audience to participate, increasing the chances of selling items for a favorable price.
https://antiqueappraisersauctioneers.com/antique-auctions/
