There are many types of auctions.? Some of the most common are Charity, Estate, Liquidation, Consignment, Auto mobile, Antiques, Coins, Storage units, Foreclosures, real estate, and many more.

When the final bid is reached and the seller is happy with the price, the auctioneer will announce going once, twice, three times and if no more bids are offered he will then call, SOLD. Show me the money: An immediate deposit usually 10% of the purchase price is required after the auction.

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then buying the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today.