Auctions online can be more exciting than the Saturday morning garage sale, second hand shops or antique shops all rolled into one. Hours could be spent browsing online auction sites for every item under the sun. It could also be frightening for newcomers but you only need to know a little to get started. From cars and wine, to books and vehicles, all the way to art and computers, you can find it on an online auction. There are consumer- to-consumer auctions and seller to buyer auctions. Whatever your fancy, there is an auction that is there for you to make your bid.

Take your pick of what item you would like to purchase and most likely there will be an auction site for you to browse. Virtually anything can be purchased at a low or discounted price on these online auctions. Some online auction sites charge fees while others do not. Bids sometimes begin at $1 and you never know what bargains you are going to get.

You may just get lucky to find an item to add to your special collection, or a ticket to a sporting event or a show, automobile parts, holiday accommodations, airline tickets and on an on. It is also a great way to sell and get rid of the clutter in you garage.

You must be registered for all online auctions. You must be 18 years of age and accept the participation agreement, which list things you should not do, such as trying to manipulate prices or selling illegal goods.

Learn about various fees for both buyers and sellers. The fees are usually low and sometimes these fees are cut as percentages of the final sale. Also, know the bidding and selling rules, what your and the sellers’ responsibilities are in the auction relationship.

There are three types of auctions online. A brief summary follows:

Dutch Auction: The seller lists multiple quantities of an identical item. With multiple items up for sale, multiple bidders can win. All winning bidders pay only the lowest successful winning bid amount.

Reserve Auction: Items for sale has a reserve price. The reserve price is the lowest price at which a seller is willing to sell an item. The winning bid or reserve price will not be listed, but will be marked as “reserve met.” The high bid will automatically be elevated to the reserve price, providing the current high bidder with the price at which the seller would agree to sell.

Straight Auction: This auction is referred as an absolute auction. There is only one item up for auction and there is no reserve price. The seller sets the opening bid is required to respect the final prices at the end of the auction.

Happy hunting!