Auction 

An auction is a sales event where potential buyers place competitive bids on assets or services either in an open or closed format. Auctions are popular because buyers and sellers believe they will get a good deal buying or selling assets.

How does an Auction work?

Each registered bidder is given a bidder card with a number that is used to identify all participants. ... The bidders then call out their bids, with each bid being higher than the subsequent bid. The bidders lift up their bidder card to announce their bid price so the auctioneer can identify who is making the bid.

What is the purpose of auctions?

Fundamentally, an auction is an economic mechanism whose purpose is the allocation of goods and the formation of prices for those goods via a process known as bidding.

What are the types of auction?

Types of Auctions

Absolute Auction.

Minimum Bid Auction.

Reserve Auction. ...

Sealed Bid Auction. ...

Twostep (or Combo) Auction.

Why are auctions popular?

The finest art in the world is sold at auction. ... Real Estate is the fastest growing segment of the auction method. Auctions are transparent, and buyers and sellers like that among other benefits of buying and selling at auction. Auctions provide a definitive time and date for your asset sale.

What do you call a public auction?

A government auction or a public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by the government or property which is sold under the authority of a court of law or a government agency with similar authority.

Example of Auctions

In an open auction, parties come together at a physical venue or online exchange to bid on assets. An interested party is aware of the competing bid amounts and continues to raise their bid until they are either declared the winner of the auction (i.e., they submitted the last highest bid within the auction time limit) or until they decide to drop out of the bidding.

Fast Fact

Mazadalanzi is one of the popular online auction and sales platform, consistently ranks as one of the largest Kuwait online companies.

We have a lot of items in our auction catalogues which you can bid on Instagram every Tuesday and Thursday for from the safety and comfort of your own home. Our page on Instagram is so simple to use, you can be set up and ready to bid in seconds. Simply create an account, search the upcoming auctions, browse catalogues and register to bid on items that take your fancy. If you win the items you bid for, you can arrange to have them posted to your house.

Do you want a trusted source?  join a live auction with mazadalanzi on Instagram!

By: https://www.instagram.com/mazad.alanzi/