It's a great example of technology working for the everyday guy. If you're thinking of buying or selling something online, there are things you need to know before you begin. It's an old economic model, with records stretching back thousands of years. But until recently, they have been local affairs where buyers were able to examine, touch and otherwise paw the merchandise before the bidding started. The expert judgment on the item's historical importance, rarity and authenticity is accompanied by high and low estimates of the price the house expects the item to fetch.
Online auctions are different.
Second, you're not likely to find many rarefied art offerings. And lastly, these auctions go on all the time. You're not limited by location or time, and once you register at the sites, you can have the site track your auctions automatically. Before you get started, you need to understand the features of online auctions. In reserve-price auctions, the seller sets minimum prices that are not revealed to buyers.