Auctions can be fun. The most renowned auction site currently is eBay.
Almost every auction patterns itself after eBay now days. If I'm not mistaken, eBay is now owned by Google. You can sell almost anything on eBay except downloadable products. eBay is where you have to include a shipping cost unless you're marketing a service. To put something up for auction, a fee must be paid to the site in which the auction takes place at. It's an auction fee and can be called different things depending upon what site your on. You can have an auction for varied lengths of time. Depending upon which auction site your on, auctions can be for ten days to one day or even one hour. You define the time limit usually.
People get emotional over auctions. Sometimes you'll find people bidding over something they would normally have not as much interest in. You find them taking deep interest because it's an auction. The average person doesn't like to be “out bid. " Everyone likes to be a winner. Bidding is challenging to people. I find it a bit comical to see folks bidding over a pack of pencils or a coffee mug like it was the end of the world. Bidding becomes serious business and it's to the seller's advantage.
There's a thing at auctions called a reserve. A reserve determines where the bidding begins. This is so that the seller can at least retain the whole sale value. Smart buyers like to refrain from bidding on things that have reserves because they feel there's no real bargain that way. For example if an automobile is worth $5,000, and there is a reserve of $5,000, the bidding begins at $5,000. Where's the bargain for the buyer? Sometimes people auction off things with out a reserve. This means the the bidding begins at $1. When you read “no reserve" that means the entire item is up for grabs beginning at one dollar.
There are many variations on auctioning things. It's always good for a seller who has an item in demand that cost them practically nothing. That means at almost what ever price the item is sold t, the seller can make a profit. Things like paintings Tshirts and artwork in general can be very profitable to market on an auction. Artwork usually cost little money to create. If your into electronics or cameras and can manage to purchase them under whole sale, you're at a great advantage when auctioning.
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