There are people who like collecting certain things as a hobby or business with examples including artworks, collectibles, and antiques. These premium and unique items can be bought on specialized stores which are selling objects like them only. But others are rare ones that you should always be on the lookout for on when they are going on sale.
This is because they might be part of the collection of someone who decided to get rid of them by selling them to other interested parties. It is usually done during AZ live auction events where people could bid on the item at the actual event or online on real time. This means even when you are not there personally, bidding for the object is still possible.
The items are curated then sold in events, which offer some collections of things during live auctions by the auction house. These objects within a collection are called lots and could be sold separately or together depending on the seller or recent owner. They sell them very fast and usually within thirty seconds to two minutes with no countdown visible.
Auctions normally have a starting time designated but without a fixed time for ending it which just depends upon when everything has been sold. The overall duration varies by the pace of each item being purchased so the event finishes faster when people buy them quickly. So do not forget about the schedule if you are interested in purchasing something from the collection.
In order for you to join the auction and have the chance to bid for one of the items for sale, you must register first. The increments for the bids are determined by the house organizing the event before the bidding of an item has started. The winning bidder must pay a fee which is called buyers premium to the organizer.
Premium is the fee paid to the house which is not included with the winning amount for the bid. This is usually a percentage of the winning amount and normally ranges from zero to thirty percent. How much the premium for that lot is clearly shown when viewing it, during registration or at the console for bidding.
These auctions are normally held inside a room with bidders who are both there personally and just those bidding online. Using your smart phone to bid is not yet possible but you can watch, browse or search for events or items being auctioned. And you usually need to register at least twenty four hours before the event.
Before placing bids on actual events, it is better to get familiarize with how the bidding works so you would not be surprised with its fast pace. You can do this by watching some auctions in progress and observing what happens during the event. There are two types of a bid called floor, for those present physically in the room, or online for those using online platforms.
Canceling a bid is normally not allowed. But sometimes honest mistakes happen so be informed with the process and rules for canceling. So be careful when bidding since you are obliged to pay for it if you won.