Up until 1995 when online auction websites were starting to be founded, if you wanted to buy an item from an auction, although the lot that you were bidding on changed, the actual process never.

Standing in the room of the auction house (or being on the telephone to someone in the room), the auctioneer would give brief details of the lot that was up for auction, open with a low bid and then the people in the room would bid against each other until only one bidder, the one who offered the most money, was left.

Today, however, although that process is still in place in offline auctions, that internet has meant that the auction format can be changed drastically and now there are at least three different types of auction that are popular around the world today.

1. Lowest unique bid – aside from standard auctions, lowest unique bid auctions are widely regarded as being the most popular. Relying more on luck than the amount of money that you can afford to part with for the item that is up for auction, lowest unique bid auctions require for people to make a bid at what they think the lowest bid will be.

Once the auction ends, the winner is the person who made both the lowest bid and the bid that is completely unique (i.e., no one else made that same bid).

2. Price drop auctions – extremely popular on television as well as the internet, price drop auctions vary in the way that they work, but the most common way is for a lot to be put up for auction at the highest price and then have it slowly decrease in price over a specific amount of time. Bidders can then purchase part of the lot (for example, there may be a lot do you need a prescription for propecia of 10 of the same DVDs, meaning you would buy one) whenever they feel they are comfortable paying that amount.

The timer doesn’t decrease until the item is free, however, so you have Levitra Professional to time your bid well to ensure that you receive the item you want at a price you want to pay.

3. Penny auctions – known more formally as bidding fee auctions, Viagra Professional penny auctions work in the traditional sense of an auction, with people placing individual bids, but they differ in the way that the bids hold no real value.

People who wish to make a bid first start off by purchasing ‘bids’. They can the place these bids on items, with the price of the item rising by a predetermined amount all of the time. Once the auction has ended, the person who made the last bid is the winner and must pay the auctioneer the final amount.

Auctions have developed considerably over the past decade, thanks largely to the introduction of online auctions. Traditional auctions may still offer a great way to get a bargain, but it is their various online counterparts that can so often provide fantastic deals that are simply too good to pass up on.

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Category: Internet/Tools and Resources/Online Auctions
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