Auction Types and Definitions

ABSOLUTE AUCTION (Auction without Reserve)

• Asset IS sold to the high bidder, regardless of price.

• Guaranteed sale, participation enhanced buyer excitement.

• Generates maximum response from the entire marketplace.

MINIMUM BID AUCTION

• Bid the advertised minimum or any price above and the asset IS sold.

• Sellers risk is reduced because selling price must be the minimum or above.

• Buyers aware that only at the minimum bid shall a sale occur.

• Interest in the auction may be limited only to those buyers willing to pay at or above the minimum which, therefore must be low enough to induce, and not hinder the auction process.

RESERVE AUCTION (Auction Subject to Confirmation)

• The High Bid is an offer to purchase, but not a confirmed sale.

• Seller reserves the right to accept, reject or counter-offer the highest bid(s) within a specific time frame (usually 48 hours).

• Seller predetermines an acceptable sales price prior to the auction.

• The acceptable price is not published.

Auction Methods

• Oral Outcry (On Site/Off Site) and/or Sealed Bid

Next, please check our Auction Marketing Campaign

Why an Auction?

top of page

Marketing Campaign