What is meant by Physical auction?
The term "physical auction" refers to an auction where participants are physically present and place bids live on-site. Physical auctions often take place in auction houses or special events where bids are made verbally or by hand signals. This auction format is commonly used for art, antiques, real estate, or valuable goods.
Typical software functions in the area of "physical auction":
- Participant Registration: Managing and registering on-site participants, including assigning bidder numbers.
- Bid Management: Real-time tracking and processing of bids placed on-site.
- Auction Visualization: Displaying current bids and information about auctioned items on screens or boards during the auction.
- Awarding Bids: Managing and documenting the final awarding of the item to the highest bidder.
- Payment Processing: Integration of immediate payment processing functions after the auction ends.
- Report Generation: Creating auction reports detailing bids, participants, and final sale prices.
- Participant Management: Storing and managing participant data for future auctions.
- Live Streaming: Option to broadcast the auction for external viewers or online bidders.
Examples of "physical auction":
- Art Auction: Auction houses like Sotheby's or Christie's auction art pieces in physical auctions.
- Real Estate Auction: Properties are auctioned on-site, often with a live auctioneer.
- Car Auction: Classic or rare cars are auctioned at special events where potential buyers bid in person.
- Charity Auction: Items are auctioned at events to raise funds for charitable causes.