AUCTIONS

Going once, going twice, sold.

The final price, is where the estimate will be set on what the value of the auctioned item is. This is the price that will be set by the auctioneer and individuals who are interested in the product that’s being auctioned can purchase it or can simply not take part, as they may not be interested in that present moment. If a lot of people want an item, meaning it’s in demand, individuals will them have to start bidding at a high estimated price (Bridget Galton, 2013). Items that are not in demand will be sold cheaper, and many of those items are vintage pieces and if a collector is present, they will them bargain from those products. Risk management is important in auctions, as it states whether or not if an individual should continue bidding and spending their money. Individuals who have a good risk management system will know when to stop and which items to bid on. (Bridget Galton, 2013). In auctions, individuals should know the agreement they are getting themselves into, and should be aware of all the extra charges that will be put in place, this allows them not to be blind-sided but rather aware of everything that happens in these auctions.