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Tag: auction

  • Abandoned Cars in Dubai: What Happens to Those Supercars?

    Amongst the extravagance and luxury of Dubai’s towering skyscrapers and exotic cars, lies a stark reality of hundreds of abandoned supercars that make up the abandoned car market in Dubai.

    These expensive cars in Dubai, left to gather dust and decay in parking lots and impound yards, serve as a reminder of the consequences of impulsive purchases and financial mismanagement in a city known for its excess.

    Supercars like Ferrari, Lamborghinis, Porsches, Bentley’s and many other luxury cars are quite common in the streets of London, Los Angeles, Monaco, Paris, New York, and Dubai.

    Another place where thousands of supercars can be seen is in the Airports and different parking areas of the United Arab Emirates, especially in Dubai.

    You might feel, what’s wrong in that, well nothing would have been wrong if the cars were there for just a limited time. Those cars are abandoned there, in simple word left there to rot.

    The cars that are extremely expensive and some cost over millions of dollars are left there for years. In this article we will talk about why the Supercars are abandoned in Dubai and what happens to those.

    Supercars Graveyard in Dubai

    No one would have thought that cars that cost millions of dollars would be abandoned every year in Dubai, and not just two or three but thousands of them by their owner. In fact, it’s a common practice there.

    This caused a big debate on social media, when someone spotted the picture (below) of a £1 million Ferrari Enzo.

    Ferrari Enzo in Dubai Supercar Graveyard
    Ferrari Enzo in Supercar Graveyard Dubai

    Abdul Majeed Saifaie, the director of Dubai’s Waste Management Department, has shed light on the abandoned car market in Dubai.

    He explains that if any cars happen to obstruct other vehicles or congest the roads, they are immediately removed. However, if this is not the case, these vehicles are often left untouched in the same spot for several years.

    Contrary to popular belief that these abandoned sports cars in Dubai are by affluent individuals who no longer value their vehicles, the truth is far from it.

    Why these Supercars are Abandoned in Dubai

    Financial Crisis

    People come to Dubai to make their career, however, because of the financial crisis, there are very few people who make it to the top. Then the rest of them struggle with their career and sometimes even after buying their dream car, they are not able to pay the rest of the money, so they abandon the car and flee from the city to avoid going into jail.

    There are also foreigners who get a high-paying job and start buying many luxurious things, which sometimes include a supercar as well, but the financial crisis becomes a struggle for them to keep up with the living cost. Therefore many exclusive sports cars like BMW, Ferrari’s, and Lamborghini’s were abandoned by their owners as they got bankrupt.

    Well! The case of abandoned luxury cars in Dubai is a prime example of how financial difficulties can arise even for those who are initially financially stable.

    It just goes to show that no matter how much you earn, it’s important to manage your finances well. If you want to learn how to avoid such financial troubles, you should check out our article on “10 Steps To Organize Your Personal Finance In New Financial Year“

    The Strict Law in Dubai

    Sharia law is followed by Dubai’s legal system, in here if your debt is not paid by you, it becomes a criminal offense. For those who go bankrupt, the legal system of Dubai doesn’t show an ounce of mercy to them. The people take loans from the bank to buy these supercars and when they are not able to pay off the loan of their cars they are forced to leave their cars and flee Dubai.

    The law strictly states that if they are not able to repay for their cars and credit card bills, they end up in jail. Sometimes, the keys of the cars are left in the ignition as well while they flee to avoid jail time.

    This doesn’t just include foreigners but the locals as well; they bought those supercars by taking loans to keep up with their acquaintances but end up with the sword of debts hanging on their heads. The amazing cars left behind keeps on getting more dust added to them with time, as the harsh laws remain the same for everyone and one will find no protection for bankruptcy.

    Many people assume that the wealthy are immune to financial hardships, but the reality is that even the richest individuals need to safeguard their assets.

    That’s why insurance is so important for anyone, regardless of their financial standing. If you want to learn more about why the rich choose to invest in insurance, check out this article on “8 Reasons Why The Rich People Buy Insurance?”

    What Happens To The Abandoned Supercars in Dubai?

    Now the main question, What happens to these cars? Well, to be specific when abandoned cars are found by the police and authorities, they notify the owners of these cars.

    Most of the time, the owners choose to ignore the notification and don’t show up for their luxury cars, so the vehicles get confiscated. These cars often remain unclaimed and are auctioned at a much lower price.

    Some reports claimed, every year over 3000 cars are left alone in the urban center of Dubai. Whoever wants to buy a luxury car at a much cheaper price can take a look at the auctions held for the cars in Dubai.

    Is It Possible To Buy An Abandoned Car In Dubai?

    Absolutely! It is possible to buy an abandoned car in Dubai, but the process can be quite complicated and may involve legal requirements.

    According to the Dubai Municipality, an abandoned vehicle is defined as any motor vehicle that has not been moved from a public place or private property for a period exceeding 30 days, and the owner or operator cannot be identified or contacted.

    When the Dubai police find an abandoned car, they give the owner a 15-day notice to claim it. If the owner doesn’t come forward, the Dubai municipality seizes the car.

    The owner still has six months to claim the car before it’s auctioned off. The auctions of the cars are through invitation-only, so buyers need to register with the police to verify they can afford the car.

    Alternatively, buyers can ask a dealer to help them bid on their desired abandoned car.

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    How To Buy Abandoned Cars?

    To buy an abandoned car at a car auction, follow these steps:

    1. As a guest, you’ll get a document with all the car details.
    2. Register for the auction by showing your Emirates ID and paying a deposit fee at the counter.
    3. You’ll receive a bidding number.
    4. A panel of 4 to 5 people will run the auction, and the car will go to the highest bidder.
    5. You must pay for the car within 48 hours after the auction.
    6. Remember, these cars don’t come with any manufacturer or dealer warranty.

    Points to Consider Before Buying an Abandoned Supercar in DUbai

    Before buying an abandoned luxury car in Dubai, it’s essential to perform a thorough inspection both inside and out. These cars often sit in impound lots or other locations for long periods, which means dust and sand can accumulate in the engine, affecting the car’s performance. Even after a detailed wash, some dirt might remain, so it’s a good idea to take the car to a detailing shop in Dubai for a deep clean.

    Luxury cars are often abandoned in Dubai for various reasons. Now that you know what happens to these cars and how they’re sold, if you’re interested in purchasing one, be sure to contact a licensed dealer. Also, ensure you have all the necessary documents for buying a new or used car in Dubai.

    Conclusion

    So what can we learn from the issue of abandoned supercars in Dubai? The message is clear:

    Financial planning and responsible spending are crucial to long-term success.

    It’s easy to get caught up in the allure of luxury and excess, but these things can quickly become a burden if not properly managed.

    By taking a lesson from the abandoned supercars in Dubai, we can avoid the pitfalls of overspending and ensure that our businesses and finances remain on solid footing.

    If you want to learn more about the impact of SPENDING on the economy and whether saving or investing is the better choice, check out this article on “Is Spending Good for the Economy? Should We Save or Invest?”

    FAQs

    Why are supercars abandoned by their owners in Dubai?

    The owners after facing bankruptcy often flee the country and left the luxury cars behind, as under Sharia law, if the debt is not paid, then it’s a criminal offence and the person is subjected to jail.

    Where is the supercar graveyard?

    Dubai abandoned supercars are often left on the streets, attracting attention due to their high value. The supercar graveyard is in Dubai. They can be found randomly in the Airports and other parking lots abandoned by their owners.

    How much time is given in Dubai to the owners to claim their cars back?

    As per the law of Dubai, once the abandoned car is found and is seized, they have only six months to claim their car back.

  • Why Do Rich People Buy Expensive Art?

    In 2021, the global art market value was $65.1 billion. Art possesses the ability to motivate us, enhance our environment and life, and enable us to perceive things from other’s perspectives. It’s been typical for those with money and prestige to spend millions on it since the Revolution and even before that.

    Often we hear paintings getting sold for thousands of dollars or so at the auction these days, it makes you wonder what inspires someone to pay a fortune for artwork.

    Important Motivations Among Art Buyers Worldwide as of January 2022
    Important Motivations Among Art Buyers Worldwide as of January 2022

    Let’s look at these 14 reasons why wealthy individuals prefer expensive paintings.

    Tax Avoidance
    Prestige
    Investment
    Diversifying your portfolio
    An aspect of your lifestyle
    A secure place for funds
    To enrich their environment
    To boost imagination
    To brag about it
    Quality
    To boost the rent
    To set up Art Galleries
    Cultural pride
    Money laundering

    Tax Avoidance

    In several countries, including the United States, tax regulations favor you if you purchase expensive art frequently. For example, if you sell an artwork and deposit funds in a bank, you are ought to incur capital gains tax on it, however, if you invest in another artwork with the same funds, you’ll escape paying taxes.

    Prestige

    An artefact that looks perfect, and which was also made by a world-famous artist, is unique, and in certain scenarios is a well-known creation, will offer the bidder quite the thrill once the hammer drops at auction. A strong feeling when we see something we’ve wanted for years, the same feeling will indeed be amplified if it’s a Monet, Van Gogh, or Hearst.

    Investment

    Most individuals buy stuff as they intend to invest in it. Some people buy houses to reside there. Some of them think of it as a long-term investment, an asset providing them with monthly earnings while also increasing in value over time. Art, too, is a strategic idea to invest in.

    Owning modern art for €400 today might be worth €600,000 in 10 years. In about 10% of situations, indeed, fine art has consistently fetched increasingly better returns over the last 50 years.

    One can be sure that when they get their hands on a Leonardo da Vinci, it will smash records. In 2017, his painting Salvador Mundi sold for a record-breaking $450 million. This is why it’s an insanely important aspect of why the rich buy art.

    Leonardo Vinci's Salvator Mundi
    Leonardo Vinci’s Salvator Mundi

    Diversifying your portfolio

    Because art is indeed going to increase in value if it already has a significant value and is somewhat risky, you may consider investing in some art to diversify your holdings, particularly if you’ve got a large, highly high-value portfolio or want to make art a small component of it.

    The main principle, regardless of the worth of your investments, is to have variety. If you have a few high-risk stocks and a large number of safe stocks or you’re extremely wealthy, have billions in shares, bonds, and real estate, and would like to invest more in something risky but thrilling? Investing in artwork seems logical at this point.

    An aspect of your lifestyle

    Previously, the wealthy went shopping for fashion, fancy cars, or yachts; but, times have changed. Art has become a must-have thing for the rich.  Nothing beats being an art lover if you’re glamorous and want people to appreciate it. It’s not only about possessing it; it’s more about being seen at auctions and exhibitions.

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    A secure place for funds

    While art is typically a high-risk asset, it has several unique advantages.

    • Art market rate fluctuations are different from share market price swings, implying that they could be used to hedge against a recession or crisis.
    • People purchase art during times of risks and uncertainties and profiting, such as during WWII. Today in nations with unstable economies and currencies that are subject to depreciation, the wealthy frequently invest in art as a means of diversifying their risks.

    To enrich their environment

    Almost everyone wants their homes and offices to appear attractive and feel better in them, and regardless of whether us being wealthy or not, we design them to make the time we spend there more enjoyable. Rich people whether it’s their multimillion-dollar homes or the workplaces of the businesses they manage, they’ll do the same for it.

    To boost imagination

    It’s no surprise some of the world’s top talented artists invest in art, and owning beautiful art on your walls will surely spark your imagination. Some celebs who possess art are incredibly innovative, and this isn’t limited to those who work in that industry. Startups and corporate leaders can be inspired by art as well. Perhaps it’s because artists are creative and bold, traits that entrepreneurs like and appreciate when they see a wonderful piece of artwork.

    To brag about it

    Investing intelligently in the equity market or in a prosperous firm you manage, demonstrates your financial acumen. You may be flaunting by purchasing a fancy home, a yacht, or a Ferrari, but it is also something essential that you will utilize.

    Even if it’s a solid investment, purchasing a work of art worth $1 million demonstrates exceptional choice, however, there’s something indulgent about it since it’s something you wouldn’t need but desire. When you’re wealthy, you’re more inclined to want to flaunt it, and art is a perfect way to do so.

    Quality

    Usually, the rich purchase fancy clothing because they value quality over cost. You can own a masterpiece lasting hundreds of years and even be bequeathed to your children. The caliber of art gives you the feeling that you’re purchasing something valuable that will outlast your legacy.

    Although kids who inherit valuable artwork seem to be keener on selling them than preserving them. This isn’t surprising, since parents and children often have different preferences, and the urge to sell the art mom and dad used to adore for a six-figure price might be impossible to deny for certain individuals.

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    To boost the rent

    If you possess a luxury condo that you rent to super-rich with taste, hanging some pricey artwork is one approach to boost the rent prices. Not only that, but it also raises the property’s worth. In some ultra-exclusive groups, art is anticipated to cost the same as a typical home, and a modest picture of Van Gogh’s starry night is believed to not cost about the same as a conventional house.

    To set up Art Galleries

    The wealthy all across the world enjoy buying art and displaying it in exhibits where they discovered it, often with their signatures on it. In some circumstances, where self-interest is a prominent factor, there are very specific advantages to establishing art galleries. When the hella rich in China open an art gallery, it’s usually because it’s a tried-and-true method of obtaining approval for real estate deals.

    Cultural pride

    Over the last 20 years, the quantity of pricey masterpieces from China and Africa specifically has increased dramatically, notably among purchasers from such countries, implying that when you are wealthy, it is natural to want to acquire fine art that makes you proud of where you came from and demonstrates your love of your culture.

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    Money laundering

    We’ve now arrived at the truly evil aspect of the art business, namely, money laundering for organized crime. The wealthy people who earned a fortune through illegitimate ways would suppress their sources of wealth from the regulators, and expensive art deals are the optimal method to do so.  

    Now we know why pricing is very subjective, and even specialists have difficulty in determining value. Inflating the worth of a piece is simply based on what you want it to be.

    Deals are frequently made behind closed doors and discreetly. Although current laws on how art sales are done have indeed been strengthened, it’s logical to conclude that money laundering remains a major factor in global art purchases.

    Conclusion

    Even if they don’t know much about art, most people choose to have it because of their love or have some sentiment attached to it. They consider it as an investment as it helps them to diversify their portfolio. And lastly, they do want others to appreciate it if they have paid a high price for that artwork.

    FAQs

    Why do rich people buy paintings?

    Rich people buy paintings to diversify their portfolios, design their homes or avoid tax.

    What is the most expensive painting ever sold?

    Salvator Mundi by Leonardo Da Vinci is the most expensive painting priced at $450 million.

    Is art used for money laundering?

    Yes, many wealthy people who earned a fortune through illegitimate ways often launder money through art.

  • Everything You Need to Know About Online Auction Websites

    We use the internet for almost every process, ordering a pizza, buying a television, sharing a moment with a friend, or sending a picture over instant messaging. The internet has revolutionized everything and will continue to do so in future as well. It has transformed traditional businesses into online businesses, a traditional marketplace to online marketplaces.  One such marketplace that the internet has given rise to is online auctions. It isn’t something new online auctions date back to 1995, later that people found online auctions as a vast online marketplace to buy and sell anything to everything.

    Online auctions have considerably increased the variety of goods and services that can be bought and sold using auctions along with expanding the possibilities of conducting auctions. In the current web environment, there are hundreds, if not thousands, of online auction websites dedicated to online auction practices. In this article, we will talk about everything you need to know about online auctions. So, let’s get right into the business.

    What Is an Online Auction?
    Types of Online Auctions
    Is Online Auction and Bidding Legal in India?
    How to Run an Online Auction in India?
    Benefits of Online Auction Sites
    Drawbacks of Online Auction Sites
    How to Protect Yourself Against Online Fraud?

    What Is an Online Auction?

    An online auction is an auction that takes place via the internet, allowing users to sell or bid for products and services online. Online auctions allow sellers to reach larger audiences, in different locations and geographical areas. Different sellers offer different kinds of products on a web-based platform.

    Online Auction Market
    Online Auction Market

    Types of Online Auctions

    Live Online Auctions

    A Live Online Auction is a combination of a Live and Internet Auction. You can bid live and onsite at the Auction or you can bid live from your computer at home or work. An online clerk will relay your bids to the Auctioneer and you will bid against floor bidders who are at the auction and other online bidders. The Auctioneer will ask for the next bid increment, If someone bids for $60 the online clerk will update the asked bid and your screen would show that the requested bid is $60. This process will continue until there is no further competitive bidding.

    Online Only Auctions

    An online-only auction is an auction that is held online only and there is no life in-person bidding available. Bidding can be done from your computer with an internet connection at home or at work. This type of auction will be a catalogued auction with each item having a lot #. If a bidder is interested in Lot #12, they have to register and place a bid on lot #12. This process of bidding occurs up until the scheduled lot time is closed.

    It is perfectly legal to start an Online Bidding Auction site in India. Before doing that you need to follow some steps and they are:

    • You will be required to comply with various provisions of the Information Technology Act.
    • Your domain name needs to be registered.
    • Online Payment Gateway should be RBI approved.
    • You should have a dedicated 24×7 customer helpline.
    • Your company should be registered, trademark and copyrights also need to be registered.

    How to Run an Online Auction in India?

    Once you decide to hold an online auction, you need to follow several steps and those steps are:

    Registration at Online Auction Sites

    The first step for both the buyer and seller before participating in an online auction is to register on an online bidding site. There are several online bidding sites available where you can register yourself as a Seller or a Bidder. Registration is required to keep track of the items you bid on or sell.

    Listing the Items on the Online Auction Sites

    If you are a seller you can list one or more items for sale on the bidding site and set up a starting price for bidding. The seller is expected to give a complete description and specifications of the items on sale. Mostly, a specified time period is set up for bidding. In some cases, the bidding process takes place live on a specific date at a pre-specified time when bidders log in with their IDs and place their bids.

    Listing the items on the Online Auction Sites
    Listing the items on the Online Auction Sites

    Setup a Payment Method

    If you are the seller, you have to set up multiple payment options for the convenience of the buyers, which include RBI approved payment gateways like – CCAvenue, Oxigen & PayPal or Debit Cards, Credit Cards, Wallets, PayTM, UPI, Net Banking, Cash Cards & EMI options.

    Bidding on Online Auction Sites

    Buyers visit the auction website, select the preferable item and bid on them during the online auction duration a specified time for the auction is allotted for every item.

    Online Bidding

    The online bidding for each auction closes at the specified time. In the case of multiple bidders, the bidder with the highest online bid at the end of the auction is likely to buy the items. If there is no online bidding at or above the reserve price, the auction closes without a winner.

    At the end of a successful online auction, You can communicate with the buyer over an email to arrange for payment and delivery of the goods. The sale is at the discretion of the seller. It is the choice of the seller to sell or not to sell the item to the highest bidder.

    Benefits of Online Auction Sites

    Some of the benefits of online auctions are:

    • Better Deals on products
    • Variety of products
    • No need to physically attend the auction

    Drawbacks of Online Auction Sites

    There are some drawbacks of online auctions as well and they are:

    • A website may go down for multiple reasons.
    • Since attending an online auction is easy, everyone can join in. That means you will have to outbid a lot more people. And that becomes harder as the number of bidders goes up.
    • You don’t get to inspect the item you are bidding on. Sometimes the pictures of the products can be misleading.

    How to Protect Yourself Against Online Fraud?

    Use Sites That Contain Only HTTPS URLs

    If you are on any site that you are looking to make a purchase from or enter personal information into, make sure that the secure icon is displayed, and that the very first letter preceding the “www” is https://. By virtue, HTTPS encryption is done bi-directionally, which means that the data is encrypted at both the client and server sides.

    Use Strong Passwords

    The more complex your password is, the more security it provides for your account. By using a simple password, it becomes very easy for a hacker to simply guess your password without even having to know you or take further action. When creating passwords, use strong password criteria such as passwords that contain multiple instances of numbers, upper and lower case letters, and special characters when available. Make sure to change your passwords from time to time.

    The basic method for cybercriminals is to send out a mass e-mail containing an attachment or a hyperlink. The attachment is malware and any hyperlink will be a website masquerading as something legitimate. The goal is to trick the e-mail recipient into downloading the attachment (exposing their PC to the malware), clicking the link to a website that may be infected with malware, or asking for confidential data such as credit card numbers to be entered.

    Keep Personal Information Confidential

    Unless you are very confident about the site you are using, be wary of entering information on sites that are looking for your personal information. Be especially wary of sites asking for any financial information, address and birthday, or middle names. Most sites do not need this information and have very little use to collect this, especially all in one place.

    Even after all these if you fall victim to online auction fraud in India, you can consult a cyber lawyer and file a complaint about online fraud with the cyber crime cell in your city.

    Conclusion

    Even though the online bidding process is transparent, one cannot eliminate the chances of fraud when entering the online bidding market. Online auction sites Display a wide range of goods and are a growing community of buyers and sellers. Online auction sites are a prime example of how the internet has changed the ways in which modern business works and the endless possibilities the internet holds.

    FAQs

    Online auction is legal in India and there are many websites that host them.

    Which is the largest online auction suite?

    eBay is the largest online auction site.

    What do you mean by online auctions?

    An online auction is an auction that takes place via the internet, allowing users to sell or bid for products and services online.

    What are the two types of online auctions?

    There are two types of Online auctions and they are:

    • Live online auctions
    • Online only auctions

  • How Do Art Auctions Really Work? (Explained)

    Auction houses are a place where property or any kind of objects are sold to anyone who bids the highest. Now there are different kinds of auctions that are held amongst all of them there are Art auctions. In art auctions, different types of exclusive artworks are on sale, and whoever places the highest bid can take the artwork into their possession. They are basically public events where anyone can participate.

    In an Art Auction, any type of art can be sold but paintings are the most common. Now, one cannot hold an art auction without knowing anything about it, it needs lots of work and patience. In this article, we will talk about how Art Auction actually works in real. So, let’s get started with our business.

    “Auction houses run a rigged game. They know exactly how many people will be bidding on work and exactly who they are. In a gallery, works of art need only one person who wants to pay for them.”

    —Jerry Saltz

    What is an Auction?
    History Of Auctions
    Types of Auction
    How do Art Auctions Work?
    FAQ

    What is an Auction?

    An auction is nothing but a sales event where buying and selling of products and services happen through bidding. People compete with each other to get hold of the item of their choice.

    To secure the item one has to bid higher than the previous bidder, the price increases with each bid until no one else is willing to bid more than the current price. For example, if the last bid is $50,000 and no one is willing to bid for $50,500, the item will go to the buyer with the highest bid.

    In an auction, one can find various objects like antique pieces, rare objects, properties, company or some artworks that include painting and others. In every auction house, there is a team of specialists who sets the prices for the items that are going to be used for auctions.

    History Of Auctions

    The exact process of Auction came into existence around 500 B.C. At that time, women were sold in Greece for marriage by using the method of auction. Then in the United States, various properties, agricultural products, and slaves were used to get sold through this method.

    With time, artworks, properties, and rare objects are sold to people. Thanks to the help of modern technology, computers, cell phones can be used for bidding in auctions. Not only that, but we also have various online auction sites like eBay where people can bid to acquire their favourite items.

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    Types of Auction

    There are four types of auctions and they are:

    English Auction

    This is the most common type of auction. It is an open auction where the participants compete with each other by bidding higher than the other buyers to secure the item for themselves.

    The prices of the items are stated by the hosts and then the bidding starts, the participants call out the bids and it continues till no one is willing to bid higher than the last bid. The item goes to the person who is the highest and the final bidder. This auction is common while selling wine, artworks, tobacco, or any kind of antique product.

    Dutch Auction

    This is like the opposite of an English Auction. The auctioneer starts the auction with a high price and the bid keeps getting lower until one of the participants who is a bidder is willing to accept the price of the item. This method of auction is mostly used for flowers, fish, tobacco, and for investment securities.

    First-price Sealed-bid Auction

    It is basically a blind auction, where the bidders submit their bids but are shielded from the eyes of their competitors. Only one bid can be submitted for the auction and there is no option to change it. This method is mostly used in foreign exchange, refinancing credit, government contract tendering, mining leases, and military procurement.

    Second-price Sealed-bid Auction

    This is quite like the First-price sealed bid auction the only difference is that the highest bidder gets the products at the price that was bid by the second-highest bidder. This type of bidding method is used for online advertising.

    How do Art Auctions Work?

    An auction has to follow a process so that it can work out properly, down below are the steps that have to be followed:

    A Short Preview is Given about the Auction

    Art Auction Preview
    Art Auction Preview

    At the beginning of the auction, the potential buyers are given a short preview where they get to see what products are going to be on sale at the auction and what their conditions are. The preview time can a day before the auction or a few hours before the start of the auction.

    Buyers are Registered

    After the preview, the potential buyer has to register themselves with the auctioneer. The process of registration involves the buyer’s details like their phone number, address, and identity proof. The bidders are then given a number card through which they can get identified.

    Beginning of the Auction

    The sound of a bell signifies the starting of the auction. The host or the auctioneer talks about the items and describes them to the bidders and then the bidding is started with a minimum price. Then the bidders start their bidding and the price keeps increasing with the bidders calling out their bids higher than the previous one.

    End of Auction

    The whole procedure stops when there are no more bids and when the hammer comes down, the person with the last bid takes the object into their possession after paying for it.

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    Conclusion

    Billions of dollars are obtained through art auctions and it can only happen when it is done properly. Auction houses need to be careful with anything and everything when it comes to art auctions. If you are a fan of artworks then an art auction is an ideal place to find your favourite piece and let others do the same and to do that the whole process must be followed diligently.

    FAQ

    How do art auctions really work?

    Before beginning an art auction, the buyers are given a preview of the artwork. As the bell rings, the auction starts and the buyer with the highest bid acquires the item.

    Do artists make money from auctions?

    No, artists only make money when their artworks are sold on the primary market.

    Can anyone go to an Art Auction?

    While some of the art auctions’ are exclusive, some can actually be attended by anyone who wants to.

    What do auction houses do?

    Auction houses are in charge of buying and selling goods such as rare items, artworks, or properties through auctions.

    Can auctions be held online?

    With time and the help of technology, auctions are now can be held online.

  • Which NFT Auction Marketplace is Right for you

    NFTs (Non-Fungible Tokens) have gained a lot of popularity in recent years. You would have already been through certain social media posts or gone through some news about NFT’s of certain arts being sold for billions of dollars.

    Let’s understand what exactly NFT auction Marketplace are.

    What is NFT?
    OpenSea
    KnownOrigin
    Which NFT Auction Marketplace is Best for you?
    FAQ

    What is NFT?

    NFT (non-fungible token) this term revolves around the word fungibility. Fungibility means any product which cannot be replaced with another identical item.

    For example, the chair you use, your mobile phone, your laptop all these items cannot be replaced with other identical items. You may get the same model of your mobile phone, but you wouldn’t be able to buy the same model of your mobile phone which you have used for so many months or years. Other examples would be certain artworks such as the art of Mona Lisa and many other such items.

    For getting a clear understanding, let’s look at an example of fungible items. A fungible item can be money. A note of INR 10 can be replaced with any note of INR 10. Even if the serial numbers on the note change with INR 10 we can buy the same number of items. This concludes, Money can be an example of fungible items.

    But again, a fungible and non-fungible item changes from person to person according to his perspective. As explained in above example, a chair can be fungible as well as non-fungible.

    You can buy the same model of your chair from the store. But your chair can be a non-fungible item only when you have developed an attachment to it, and you feel that there is something special about it.

    A coin would just be a coin for you, but it would mean much more for a coin collector. This makes the item fungible for you and non-fungible for the coin collector.

    Non-fungible tokens are unique digital items with their ownership managed through blockchain technology. Some of the examples of Non-fungible items would include collectibles, game items, digital art, event tickets, domain names, and even records for the ownership of physical assets.

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    OpenSea

    OpenSea is the largest marketplace for digital goods that are user-owned. It has a broad set of categories of around 200 and more. OpenSea has the most items in the digital goods which is more than 4 million and the has the best prices for new items. It includes collectibles, gaming items, digital assets, and digital arts. You can buy, sell, or trade digital goods with anyone around the world using OpenSea.

    OpenSea Website
    OpenSea Website

    OpenSea is also a decentralized marketplace which means there is no central authority guiding this platform. Instead, you will be able to store your items in your own wallet of your choice.

    KnownOrigin

    KnownOrigin was founded by David Moore, Andy Gaye, and James Morgan. This is one of the fastest-growing digital art platforms. KnownOrigin is also a decentralized platform that uses blockchains for recording the transactions.

    KnownOrigin has more than 330 artists and more than 12,000 digital artworks have been sold on the platform. It is an artist-driven platform that makes it easier for digital artists to create and sell their arts.

    KnownOrigin Website
    KnownOrigin Website

    An artist can create their digital art and upload the file and documentation through KnownOrigin. Later the art will be tokenized by the platform and it will be live on the KnownOrigin’s gallery.

    If you are a customer or a collector you can browse through the gallery, find the artwork of your choice, finish the payment, and make the purchase. The Ethereum address will be captured during the purchase.

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    Which NFT Auction Marketplace is Best for you?

    OpenSea is an NFT Auction Marketplace, which is more like an eBay for digital products. You can find anything related to digital products on OpenSea. It is the largest and the first peer-to-peer NFT platform for crypto goods.

    Whereas KnownOrigin is mainly concentrated on the digital artists. Since it is concentrated on artworks. You wouldn’t find anything other than art in KnownOrigin. The items on KnownOrigin would look more like items on sale in an Art Gallery.

    If you are an artist or a collector of artworks you should prefer KnownOrigin as you would find a wide range of options and if you want some other crypto goods you can prefer OpenSea as it is the largest NFT marketplace.

    FAQ

    What is a NFT auction?

    NFTs, or non-fungible tokens, are essentially blockchain-based certificates validating that someone owns a piece of digital art.

    How can I buy NFT?

    Most NFTs are Ethereum-based tokens, many marketplaces for these collectibles accept Eth tokens as payment.

    What are DeFi products?

    DeFi is short for decentralized finance, an umbrella term for a variety of financial applications in cryptocurrency or blockchain.

    Conclusion

    There are a lot of NFT platforms other than KnownOrigin and OpenSea. Some of them include Rarible a platform to create NFT, SuperRare, Atomic Assets, Axie Marketplace, Decentralized marketplace, Viv3, TreasureLand, NFT Showroom, and many more.

    NFTs will gain a lot more popularity in the coming years. Some big players such as Mark Cuban, Gary Vaynerchuk, and many others have also expressed their interest in NFTs.