How Does an Auction Work? - Collecting 101 (Pristine Auction)

In this episode of collecting 101, Jared Kavlie talks to you about all the ins and outs of how an auction works: how to win an auction, what shill bidding is, how to find a trusted auction, the difference between lots and auctions, max bids, no reserves & more. Understanding how an auction works is essential to your success in bidding. What's also vital is knowing which auction house to bid with based upon their reputation, legitimacy, and practices. Be sure to watch so you can have confidence the next time you bid on sports memorabilia and collectibles. 0:26 - What is consignment? 0:46 - Auction House Integrity 2:00 - Auction Terminology 2:06 - Maximum Bid 2:50 - Lots vs Auctions 3:27 - Second Chance Offers 4:20 - Starting Bids & Reserve Prices 5:28 - Shill Bidding 6:44 - Real Life Bidding Scenario (Bid increments, Max Bid, Sniping, Extended Bidding) 7:52 - Extended Bidding 8:24 - Sniping 8:33 - Max Bid 8:56 - How to Win an Auction ------------------------------------------------------- Don't forget to leave a comment and let us know what else you want to know about sports memorabilia collecting. This series is educational and is intended to provide you with the basics of sports memorabilia collecting. Thanks for watching! Be sure to LIKE & SUBSCRIBE so you never miss out on our sports memorabilia videos, mystery box videos & giveaways! ------------------------------------------------------- Follow us: Instagram: www.instagram.com/pristineauction Facebook: www.facebook.com/pristineauctions/ Facebook Community: www.facebook.com/groups/869774636458686/ Twitter: www.twitter.com/PristineAuction #PristineAuction #SportsMemorabilia #howauctionswork