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It may not surprise you to hear that an English auction is the main type of auction favoured by UK auction sites. I know right, the clue is kind of in the name on that one. But, hilarious as our little joke may be, it still does not answer your questions about how an English Auction works. Well...not yet anyway. I'm afraid you are just going to have to keep on reading to find out the answer to that one. So by now you are probably thinking, "come on already, and tell us some more about these so called English Auctions!" Well, settle yourselves down, we'll get knee deep in all the low down on UK auction sites that you could ever wish to read in just a moment. Maybe it would help if we were to tell you a little known fact about the famous English Auction. Did you know they are also known in some online communities as an "open outcry auction"? Well you do now! But what does this all mean for us online shoppers, and how can UK auction sites that use this type of auction help me? Allow us to explain! The best way to describe an English Auction is probably the way that most of us would imagine a traditional auction works. An English Auction is the name given to the kind of auction where the bid price starts relatively low compared to the market value of the given stock in the lot. Bidders will then take it in turns to raise the stakes on the lots and outbid one another. This process of bidding, rebidding and out bidding can continue until one of two possible things happens. In a traditional auction house, and the type of physical auction that most of us shoppers would imagine, this process only ends once all interested parties have signalled that they do not wish to raise the bidding any higher than it currently is. This becomes apparent when all parties in the room cease raising their hands to signal a re-bid. When it comes to online auctions however, UK auction sites have a very different way of dealing with this. You see, in an online auction, not all interested parties can be present at the same time and on the same website. As we all know, one of the huge benefits that comes with shopping online is that fact that we can shop on websites based all around the world 24 hours a day. With that in mind, the online auction sites need to find a way to allow everyone that wants to, to be able to take part in the auction. For this reason, the online version of an English Auction will typically last for a given amount of time. Once the time is up - be that 24 hours or even up to a week in some circumstances - the auction closes and the highest bidder at the time wins the auction. BidGrid are an innovative auction site where it's the lowest unique bid that wins. See how it works.
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