Variety Of Bids
The bids and biddings in auctions have by far been way too dramatized in the popular media. There are three basic ways of bidding when we talk about it – in person, on the telephone, or online. All three processes differ from each other but to judge which one is better is not really a wise idea, as each system has its own characteristic traits.
In person – the most popular and exciting way of participating in the auction and bidding is in person where a bidder can actually feel the thrill in the saleroom. This requires the prospective bidders or buyers to register with the auction house before the day of the auction while providing their details beforehand. On the day of the auction the registered bidders are required to complete the remaining formalities and are assigned their numbered paddles to assist them in their bids. During the auction the bidder may raise the paddle to bid as the auctioneer notices and acknowledges their bid. The bidding continues incrementally till all but one bidders quit and the last remaining bidder wins the piece. The hammer of the auctioneer then comes down declaring the winning buy or the final hammer price. In case the bidding does not reach the reserve price, the item is then ‘passed’ by the auctioneer as he moves on to the next lot and the piece remains unsold in this case.
Bidding Online – with the intervention of technology in every possible field, the auctions or the practice of auction is not untouched. Many reputed auction houses actually offer the services and opportunity to bid online from the comfort of the bidders’ homes. This service enables you, a bidder to watch, hear, and bid in an auction taking place concurrently in the sale-room. The registration process and other formalities are simplified too and details are conveyed by the auction house to the online bidder. Written bid – in case the bidder is not in a position to bid in person, they may choose to leave a written bid, or a commission bid, or order bid. A designated staff member from the auction house acts on the behalf of bidder to acquire the piece at the lowest possible price. The usual practice is to fill out the detailed absentee bid form, which can either be printed out or is attached to the auction catalogue and submit it to the relevant department in the auction house.
Absentee Bid Online – this is another one of the new age options offered by some of the bigger auction houses which allows the bidder to submit an online absentee bid in advance. The step by step process is listed out on the websites or the bidders may also be directed personally by the staffs to make the process friendlier.
Telephone Bid – as is evident by the name, a telephone bid involves a staff member of the auction house calling the bidder from the sale-room and relaying their bids to the auctioneer as the auction progresses. However, as there is a limited number of telephone lines available this method is reserved for the more expensive lots.