June 1, 2007, Newsletter Issue #89: The Rules of Auctions

Tip of the Week

There are several different kinds of auction, each with its own set of rules. Each rule set revolves around bidders making bids for certain objects. The traditional auction, often called the English auction, involves bidders making successively higher bids until only one bidder remains, who is then declared the winner.

A Dutch auction begins with the auctioneer asking a very high price, and then slowly lowering the price until one person is bidding, after which that person is declared the winner. At a sealed bid auction, each bidder submits a bid in secret, and the highest bidder wins. In a silent auction, bidders submit sealed bids on multiple items, with the highest bidder winning.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Not finding the advice and tips you need on this Auction Tip Site? Request a Tip Now!


Guru Spotlight
Mary White