19 February, 2019

What is An Online Auction?

Have you ever wondered what an online auction is? Perhaps you want to get involved but have some questions?

In this guide, you'll learn about online auctions, gain an insight into the way they work, how you can get involved and what you need to look out for.

An online auction is held over the internet and enables bidders to bid on a catalogue containing lots.

In their most basic form, a lot will contain a description, image(s) and an opening price. However, online auctions can vary in format and also the length of time they're available for.

How Does An Online Auction Work?

To know how an auction works, it's necessary to know what type of auction you're in!

There are many different types of online auctions which range from English auctions right through to reverse auctions.

At William George, the winning bidder would have placed the highest bid for that particular lot and would then be subject to fees such as buyer premiums and VAT.

What Advantages Do Online Auctions Have?

There are many advantages to online auctions and here's what you can expect. 

  • Better Deals.
  • Variety.
  • Investment Pieces.
  • No need to physically attend the auction. 

Online auctions are increasing in popularity and this is attracting new sellers and buyers.

With this new variety, new catalogues are being created to offer bidders something different. They can range from investment pieces such as luxury watches and wines to classic cars. 

In addition, with catalogues venturing into the hundreds, it means that sellers can consign even more lots and create opportunities for bidders to find fantastic deals.

How Do I Register For An Online Auction?

To register for an online auction, you will need to create an account on that particular platform. You'll be prompted to enter personal details such as:

  • Name.
  • Address.
  • Card details.

Once the account is made, you'll be able to register for an auction pending approval.

When you have been approved, you'll be able to bid once the auction starts. 

How Do You Bid on Online Auctions?

To bid in an online auction, you'll need to be registered and approved. If you're unapproved for an auction, you need to contact the platform or the auction house to understand what the problem is. 

To ensure bidders have the best experience possible, lots can have increments applied to them - so they progress naturally in tandem with the current bid.

For example, once the current bid reaches £100, the increment may go from £10 to £50 or even £100.

This means bidders can only increase their bid in multiples of the new increment.

How Do You Win An Auction?

To win an auction, you will need to achieve the reserve or your leading bid is accepted by the seller. 

Once a lot has been won, you may need to wait for the auction to finish before you are informed of the post-auction process. This can vary from auction house to auction house.

You'll find information about winning lots in the auction details or if you contact the auction house. 

Tips For Bidding in Online Auctions

Bidding in online auctions can be a thrilling experience. 

During an online auction, you can experience every emotion as you patiently wait for your winning bid to land that hidden gem. 

However, there are important things that you need to take into account such as taxes and premiums which affects the final price that you pay.

To have a great experience, avoid these common mistakes with our guide: Mistakes Made by Online Bidders.

Final Words

Online auctions are a fantastic alternative to online buying and it only starts with one click!

At William George, you can find a wealth of items which includes bathroom, jewellery, cars, antiques, art and more!

Bid, Win and Love today by clicking the button below and discovering a brand new way to buy online.

Online Auctions Explained - What You Need to Know
Online Auctions Explained - What You Need to Know
Online Auctions Explained - What You Need to Know
Online Auctions Explained - What You Need to Know
Online Auctions Explained - What You Need to Know
Online Auctions Explained - What You Need to Know