What is Auctioneering?
An auction is a system of buying and selling goods or services by offering them for bidding, allowing people to bid on items for sale. An auctioneer is a person who manages an auction, or a public sale at which people can bid on items.
The job of an auctioneer is to organize the goods for sale at an auction, as well as to oversee the bidding, and depending on the type of auction, often encouraging bidders to compete with each other to drive the price up. Some auctioneers call out items and prices in a distinctive, rapid, sing-song voice.
Auctioneers would also take part in the post bidding process wherein they present the object to the winning bidder while receiving the bid. An auctioneer can also take other roles before, during, and after the auction such as cataloging, managing payment terms
What courses are available?
Universities and colleges in Ireland are offering Auctioneering courses in the following subject areas:
- Auctioneering and Estate Agency Practices – The study of the skills, principles, and practices of the legislative framework underpinning best practice in auctioneering and estate agency.
- Certificate in Cost Analysis – The study of the concepts of cost analysis and cost behavior and how to address it.
- Auctioneering, Estate Agency & Valuation – The study of the property market, auctioneering, and estate agency.
Studying Auctioneering in college
The study of Auctioneering covers a lot of theoretical work about practices and legislation but is also a very hands-on field with a lot of verbal communication and expression required. Candidates should have excellent public speaking skills and an interest in the history and traditions of auctioneering sot that they can use this knowledge to properly present objects in the auction.
Courses may be delivered through lectures, assignments, tutorials, and taught modules. Assessments will take place continuously with written examinations and practical assignments combined to achieve the qualification.
There are full-time courses that run anywhere from a few weeks up to 1 year or longer depending on the course and modules selected. There are also part-time courses, night courses, and self-paced courses available so you can be sure to fit in your studies no matter what your schedule is like.
Through work experience and volunteering or part-time work as an apprentice, you will be able to practice your practical understanding of auctioneering. This will help to broaden your skillset and establish professional contacts. Training for this type of work is usually based on experience. Those who have worked with different auction houses can work as auctioneers as they become more and more familiar with the job. There are also auction schools where full training lasts for four weeks. License to work as an auctioneer could be required in some areas.
Career options
After completing a course in Auctioneering you will be able to look for work in larger firms or small partnerships or you may be interested in opening your own business when you have gained the appropriate work experience.
Auctioneers typically work for private sellers or different companies who want to sell materials with maximum profit. They also work with different auction houses where they establish themselves as a reputable auctioneer and become known in the industry and build their reputations. Auctioneers can work as freelancers especially those who have established a reputation in a specific field and are highly sought after.
Related jobs include:
- The auctioneer for Private Sellers
- The auctioneer for Auction House
- The auctioneer for Livestock Market
- Auctioneer for Banks
- The auctioneer for Executors and Trustees
- Auctioneer for Property
- Property Valuation
- Property Consultant
Further study
After completing a course in Auctioneering you may choose to pursue further study in a related field and choose to specialize in one area such as Property, Art, or valuable collectibles.
FAQ
What are the different types of Auctions?
English Auction – The English auction or Open Outcry auction is the most commonly used type of auction today. It is an open ascending price auction where participants bid against each other in increasing bids. Bidders call out their bids until no participants are willing to bid higher and the process ends when the auctioneer accepts the highest final bid.
Dutch Auction – Dutch auctions start with a high asking price and lowers the bid until one of the bidders is willing to accept the auctioneer’s price or when the seller’s reserve price is achieved.
First-price Sealed-bid – First-price Sealed-bid auctions are also known as blind auctions and each bidder submits a sealed bid simultaneously so that no bidder gets to know the bid of their competitors. Each bidder only submits a single bid and this bid cannot be changed. The highest bidder then takes ownership of the item at their bid price.
Second-price Sealed-bid – The second-price sealed-bid auction is similar to the first-price sealed-bid except the highest bidder gets the item at the price of the second-highest bidder.
What are the benefits of Auctions?
- The buyer knows that the seller is committed to selling.
- Buyer determines purchase price by competitive bidding.
- Purchasing and closing dates are known.
- Auctions eliminate long negotiation periods.
- Buyers know they are competing fairly and on the same terms as all other buyers.
- Buyers receive comprehensive information on items on auction via due diligence packets.
Where can I study Auctioneering?
Explore your options here
Did You Know?
- The entire Roman Empire was once put up for auction to the highest bidder after the emperor at the time was murdered.
- The word “auction” derives from the Latin word “auctus,” which means “increasing”.
- Most auctioneers supply bidders with a catalog ahead of time.
- An Australian man once tried to sell New Zealand on eBay, his starting bid was listed as $1cent and bidding only reached $1300
- Winning bidders are almost always responsible for removing their items from an auction.
Comments