What is A Silent Auction?What is a silent auction? we ll during a silent auction, many bids are written on a sheet of paper that is commonly placed before or next to the item. At the predetermined end of the auction, the highest listed bidder wins the item. The auction is "silent" in that, no auctioneer is selling individual items. In the auction industry, the fair market value (FMV) describes the estimated value of an item based on similar products in the market and what the buyer is willing to pay.
At Gems N’ Loans near Capistrano Beach, there will be a silent instore auction to liquidate a 2 million dollar inventory. This means everything must go. Everything from gold, silver, coins, unique jewelry and collectibles. This is a celebration and opportunity to walk away with a valuable treasures at amazing prices not normal to market value making them more than fair, often referred to as a steel.
he minimum bid increment can also impact how well an auction item performs. In most cases, it is considered a good idea to set the minimum bid increment at 10% of the starting bid. For pricier items, it may be a good idea to lower the percentage so the price won't jump so high between each bid.
The minimum starting bid you set can make all the difference for an item's performance. Be reasonable and fair when pricing your items, and don't be afraid to set the starting bid on the low side of the spectrum.
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