They say that one man’s trash is another man’s treasure, and at places such as auctions, this couldn’t be more true of a statement. An unbelievable amount of products are put up for auction with many people not knowing their true value. You only have to watch TV shows such as Dickinsons Real Deal and The Antique Road Show to see that many people do not know how much their great grandmother’s antique clock is worth. Most of the time, people are pleasantly surprised.
Why might I not want to use a normal auction?
Auctions are not always the friendliest of places to be though. As one angry bidder tries to outbid another, it can seem like a never ending war. Shows such as Storage Hunters show how bidders raise a bid as high as they can and then drop out, leaving a competing bidder with a very high price, purely out of spite. An auction room is more like a battle field than a bidding hall.
What is a Blind Auction?
That is the beauty of Blind Auction’s; you as an individual have no idea how much other people are bidding for a product, in a similar way to how Redflush poker works compared to regular poker. In a blind auction, anyone who desires a certain product submits a bid at the same time as anyone else looking to obtain the product, yet with absolutely no idea how much someone else is bidding. You could be bidding £5, whilst elsewhere someone is bidding £50. You just never know.
How to win
As is the case with a standard auction, the person to bid the highest price wins the product. If more than one person bids the same price, the person who placed the bid first becomes the winner of the auction. The seller must then okay the bid before the product is finally yours. In some occasions, a seller will not be happy with the highest bid they have received, and the winner will lose out, but more often than not a suitable bid wins the product.
Where do I find one?
Blind auctions don’t just happen in a traditional auction room, but are now common online too, with people using this auction process to sell items such as cars, movie props and even houses! Quite infamously, one of the props from a James Bond movie was sold in a blind auction for just $100, yet then went on to be sold by the winner for £155,000. Similarly, one woman from the UK bought a house for just £154,000 on the seafront, only for it to then collapse into the sea a short while later. It can be a gutting experience but it is all a part of the risk you have to take.
Whilst not knowing who bids what and whether you’re even bidding within the right price range can be frustrating and at times even disappointing, it definitely helps auctions to become more friendly places to be. There’s no angry words yelled at competitors, no spiteful actions of trying to raise the price as high as you can for someone else to pay. You simply place your bid, and if you’re lucky, you win.