Auctioneers are people who conduct sales by auction, a system of selling goods or services in which bidders compete with each other.

They can be employed by a company that hosts auctions regularly or they can be self-employed. They may charge a commission, hourly or flat fee, plus expenses.

They often speak in front of large groups, building trust and confidence with their audience. This is important as it can help them get a bidding jump on an item.

The Auctioneer

An auctioneer is a person who is employed to conduct public auctions of goods. He may be an employee of an auction house, or he may be self-employed. Visit Columbus Elite Auctioneers website

An auction involves selling a variety of items, such as antiques, livestock, and real estate, through open public bidding. The auctioneer is responsible for determining the rules of the auction and is the main contact between buyers and sellers.

He also determines the amount of each bid, usually by announcing a suggested opening bid (SOB). This initial price is designed to be low enough to entice a potential buyer, but not so low that the winning bidder won’t be able to afford it.

In a traditional auction, the highest bidder wins. In a Dutch auction, the seller offers property at successively lower prices until one bid is accepted or until the price drops so low that the buyer withdraws. The auctioneer can also set the closing time of an auction.

The Lead Man

When you walk into an auction, you’re often greeted by a “lead man” – a person whose job it is to guide you through the auction process. It can be intimidating, especially if you’re new to the auction world.

A lead man will typically chant numbers, such as times the money or the hammer price – and may also use other words to help you understand what you’re bidding on. These terms can make the difference between grabbing an item you really want and missing out.

You’ll find that cadences vary from auctioneer to auctioneer, and you’ll need to become familiar with them in order to successfully bid on items.

One of the most important tips for any ringman is to stay healthy and hydrated. This is especially true for auctions, which can last several hours or longer, and are very physically demanding.

The Seller

In an auction sale, a seller (or the owner’s representative) puts an item up for bidding. Then, a number of potential buyers called bidders compete against each other to offer the highest price. The highest bidder gets the item after paying their winning bid.

When the auctioneer begins the auction, he or she gives a brief description of the property for sale and starts the bidding at a reasonable opening price. The bidding process continues until no participant is willing to bid further, at which point the auction ends for that property.

The seller usually sets a minimum price for the item, often known as a’reserve’ price. If the highest bid does not reach that amount, the seller must accept it as the winning bid.

The auctioneer may also set a minimum amount, sometimes known as a ‘bid increment’, by which the next bid must exceed the current highest bid. This is an effort to prevent bidding from slowing down, which can result in a lower hammer price and a sale without the seller’s consent.

The Buyer

Buyers are professionals who are responsible for sourcing low-cost raw materials, supplies and equipment that their organizations need to produce goods and services. They use research, negotiation skills and the ability to understand their organization’s needs to make purchasing decisions that meet those requirements.

The buyer typically begins their consideration stage by defining a problem or opportunity, researching and understanding various solutions that may help them solve it. Next, they narrow their search to a few vendors that may be able to provide the solution they need.

Auctions involve a competitive bidding process where bidders offer competing amounts, called bids. The highest bidder is the one who ultimately takes ownership of an item.