Category: Miscellaneous

01 Oct 2022 15:08

Joined:	18/10/2008
Level:	Platinum
Points:	239029

Points:	5

Have you ever participated in an online auction?

When I saw an advertisement announcing the PM Mementos Auction 2022, an auction of gifts he received, I was most intrigued. I checked out the mementos available, and it seems these are mostly related to sports. There are autographed T-shirts, bags, racquets, boxing gloves, etc that belonged to our champions. Other things include paintings, handicraft products, shawls, and headgear. There are even ceremonial swords, and miniature models of the Ram Mandir at Ayodhya and the Kashi-Vishwanath Temple in Varanasi. These last two will eventually sell for a whopping amount for sure. The proceeds of the auction will be used for the 'Namami Gange' project that seeks to conserve and rejuvenate the holy Ganges river.

There are also online e-auctions of property, e-auctions of paintings and sculptures created by renowned artists in these fields, and e-auctions of movie memorabilia to allow fans to purchase something associated with their favourite actor or film.

So have you ever participated in an online auction and successfully bid for something? You need not divulge the financial details, just generally whether you were successful in purchasing something through an e-auction.

#765560

01 Oct 2022 17:10

Joined:	02/06/2009
Level:	Platinum
Points:	130392

Points:	5

When I was working in an organisation, we used to participate in bidding. This bidding is online bidding. The seller will announce a price for the product he wanted to purchase from outside. All the bidders will be online. We have to give the price less than the rate mentioned by the purchaser. Then another company may go for further reduction. It will go like that when no reduction appears in the price, the purchaser will fix the least price quoted by any one party participating in the auction and an order will be placed on that party. Many times we are able to get orders in these types of bids. This is like an auction only but not for purchasing but for supplying.
I have participated in person in some of the auctions and many times I was not successful. The last time when we went to Basara, in the temple sarees of the Goddess Saraswathi were sold by auctioning them. My wife auctioned some sarees there.

drrao
always confident

#765565

01 Oct 2022 22:51

Joined:	10/12/2016
Level:	Platinum
Points:	98305

Points:	5

I have seen online auctions going in the internet for quite sometime but I have never participated in any of them so far. It is not because I doubt the authenticity of these e-auction sources but most of the items which were auctioned were not of my liking and moreover were not of any use to me so bidding for them was not my cup of tea.
I have also seen some e-auctions for heavily discounted or over stock items and they give a time band within which one has to bid and the highest bidder will get the item by paying the bidding amount. Most important thing in this auction is that who is the agency which is undertaking this auction job. If the agency is reputed and well known agency then there is no problem and one can go ahead with the auction process if one is interested in buying those items.
Incidentally when I was in college I had seen some hawkers who were first making a crowd and then selling their items through auctions in an open area and sometimes made good sales.

Knowledge is power.

#765709

06 Oct 2022 19:30

Joined:	18/10/2008
Level:	Platinum
Points:	239029

Points:	1

Dr Rao, thanks for sharing the interesting details of the saree auction, even though it was not an online auction. Offline auctions are also common during festive seasons. For example, Ganapati pandals may have an auction of the jewellery, coins, and other things that devotees would offer during the Ganesh Chaturthi festival.

I have often seen advertisements for properties organized by banks or real estate consultants. In this case, buyers would naturally need to be sensible and visit the site first to check out the property. It should also be checked that there are no legal issues related to the property. Sometimes buyers are dismayed to find that they are required to pay up the dues of the previous owner.

When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

#765723

07 Oct 2022 11:41

Joined:	25/11/2014
Level:	Diamond
Points:	36478

Points:	5

It is the human nature that we are attracted to auction activities sometimes especially when we observe that our known friends are taking parts actively in the different types of auctions both off lines or otherwise. There is no end to the players flocking towards such games hoping that they could get auctioned products at very cheap rates. Once they procure the same, they discover that it was not a profitable bargaining. What I feel visiting such sites would invite more problems because we might be tempted to take part in auctions in the next time.
The managing editor is right that some banks or real estate consultants are in the habits of disposing off the properties through auctions and buyers think that to have such properties through the process of auction could offer them heavy profits ultimately. However they need to go through entire details before accepting such deals. The dealer could impose all the dues not paid by the previous owner in fixing the final price of the property.

#765731

07 Oct 2022 13:44

Joined:	19/06/2011
Level:	Gold
Points:	83843

Points:	5

As many of our day to day activities are now facilitated online, E auction or online auction is also facilitated.

A few years ago I participated in an online buying auction for buying a product in an online portal. That was just my trial to have a hands-on feel of online auction. But I did not feel convinced it was transparent as in offline face to face auction. I also did not get the product as the price went n getting increased and . At a particular stage I felt it was not worth to buy at that price and I withdrew from the auction bid.

Probably by now there may be some more built-in mechanisms for transparency and non-biased, non-interfering bids online. The days may be of more and more online deals, as almost every aspect of our life is being linked to online platforms. It is going to be not just "internet of things' but Internet on whole life.

#765733

07 Oct 2022 13:55

Joined:	19/06/2011
Level:	Gold
Points:	83843

Points:	5

Though I have not participated in E-auction, this is nowadays happening in many areas of property deals and allocations.
But I guess there is a very valid beneficial point about the e-auction of the properties auctioned by banks for recovery of their dues. Earlier when banks announced auction for such properties, especially of the willful defaulters who are influential and commanding people, no one will participate in those auctions due to fear of retaliation by the concerned influential defaulter. The banks ll not get bidders even after many occasions and even after reducing the base amount. At last the defaulter himself will bring his own benami person and corner the same property at a very low amount. Thus he will win double.

I hope the present E-auction by banks may have incorporated safety mechanisms in these regards and would be ensuring the privacy and independence intact.

Have you ever participated in an online auction?

About IndiaStudyChannel.com

GENERAL

STUDY ABROAD

EDUCATION