Public Auctions: The Different Types of Auctions
There are many different types of public auctions. The items at public auctions vary from each auction and although some auctions will have a wide array of items up for bid, some auctions are specific to the type of items that are up for bid. Public auctions are also known as government auctions and are held to sell property which is owned by the government or the properties which have been sold under the court law’s authority.
Public auctions can include many different types of items, such as surplus government equipment, abandoned property which the government has gained ownership of, or even government-owned land.At times it can even be intangible assets held for auction on which the government has the authority to sell. For example, frequencies which are used for broadcasting and mobile communication can be put up for sale at a spectrum auction.
Sometimes private properties are also sold at public auctions for a variety of reasons, such as any property that has been forfeited by the government by the judgment of the court or sometimes for liquidating a mortgaged property or tax sale.Public auctions are sometimes held for properties which are needed for things like partitioning between joint tenants who couldn’t find any way of partitioning the property.
The items that are auctioned in a public auction fetch less value than if the properties would have been sold on the market; so a public auction is non-profit for the government when it is done for liquidation of forfeited properties.
Public auctions are not limited to government-owned items. Public auctions can also include:
- Surplus jewelry
- Fiduciary trusts
- Bank forced liquidations
- School district equipment
- City surplus equipment
- Commercial restaurant equipment
- US and foreign coin and currency
- Watercraft auctions
- Police auctions
Auctions that are conducted locally are known as local public auctions. Local auctions don’t have the involvement of any government authority and do not have to follow any government rules or auction guidelines. Local auctions are conducted according to the rules set by the auction company that is hosting the auction.
There is no telling what you can come across at a public auction. From pieces of property, houses, pontoon boats, firearms, household items, antiques, computers and electronics, tools and furniture, you can find it all at a public auction. If you are considering attending a public auction, choose an auction that you think will have the type of items you are interested in bidding on. Many public options allow you to preview the items before the auction so you can know exactly what is available and what condition the items are in.
The world of public auctions is quite diverse and exciting. You never know what you can come across and what sort of bargain you can find at a public auction. Since there are always new items being liquidated or confiscated by the government, there is always a new bargain to be found at public auctions!
Deb Weidenhamer is President of Auctions Systems Auctioneers & Appraisers, Inc., based in Phoenix, Arizona. They specialize in auctions and professional appraisals. Contact us for information about public auctions featuring cars and trucks, electronics, jewelry, industrial equipment, tools and more.
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