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Create a virtual auction house in minutes.

Accept bids for assets you want to sell or create a community where your registered members can sell and bid.

The Benefits of Selling with bid.blue

Advertise Everywhere

Customize Easily

Sell Quickly

We take care of cross promotion by listing your goods and projects on appropriate platforms, social media and niche marketplace websites.

Set your reserve price, minimum acceptable bid, and timeline and we'll launch a website for your auction.

Receive prompt payment via well known payment portals with financing and escrow options.

Introduction

An auction is a process of buying and selling goods or services based on bids. An item is sold to the highest amongst bidders. Or in the reverse auction, an item is purchased price off. 

"Be careful of the hypontist's mind control . He once sent a guy to the auction. Now he does his bidding."

Types of Auction

Live Auction

Also called the live on-site auction, this type of auction is a physical gathering point with gavels, signs, and agents on the phone. Some hotels and convention halls are famous for hosting auctions, such as the New York Stock Exchange, 

Online Auction

Internet auctions have become an important part of electronic commerce, global online auction market was valued at US$ 4071.9 Mn in 2019 and was anticipated to grow at a CAGR of 9.2% over the forecast period (2020 – 2028) before Covid caused faster growth. For example, eBay Inc. with a $40B market cap grew up 50% in 2020. Auctions done on the internet have specific timelines (opening and closing dates), and sometimes with fixed bid increments. Popular online auction sites include:

What to avoid

  • Anonymous sellers
  • Fake products
  • Fees for placing bids

What to expect

  • Credibility and proof of quality
  • Return policy with money back guarantee

Considerations before you bid

 Understand Due Diligence

Always read the fine print, don't hurry past searching names and terms on search engines and social media. When you feel you like the lot for auction, consider the time frame of the auction and use the time to understand how much it’s worth and determine a bidding strategy based on the expected competition. No auction house is the same. Understand the fees, terms, and conditions. Always have other options. Know your opportunity cost. Consider and explore financing options in advance. 

Common-value model

Consider that bidders may have different information about the actual value of the object. In this case, the value of other bids can be an important signal of authenticity and other factors of value. Smart bidders typically change their estimates of the value according to the information they get from the behavior of the people they bid against.

Buyer power versus supplier power

It's advised to not bid heavily at the start. Exercise patience because you don't want to be pricing yourself out. Consider the pace of bidding when there are multiple potential buyers and the supply is limited. Know your best alternative to a negotiated agreement.

Private-value model

Information from competing bidders cannot be taken into account for real-time valuation. Others' bids are of unknown source and amount.

Protips from brokers and auctioneers

Set Yourself a Budget

Online auctions can provide a massive thrill and it can lead to bidders remorse from getting 'lost in the moment'. Determine and stick to your secret maximum bid. Accept your ceiling.

Monitor the Bid Increments

The auction house can set bid increments or sometimes bidders naturally compete in increments. Consider the number of parties involved in incremental changes to the bid.

Keep an Eye on the Deadline

Online auctions such as timed-online auctions can last over a period of time from a few hours to a few days.

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