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Looking for a really unique item? Want it at a really good price? Search out an auction sale and start bidding for bargains.

From rural auctions featuring equipment and livestock, to automotive auctions where the rich and famous bid on elaborate sets of wheels, to Internet auctions where bargain hunters shop from the comfort of home, auctions provide exciting places to shop, or just sit back and watch the action unfold.

At an auction, groups of buyers bid on items offered for sale. An item is presented for sale and the bidding begins, sometimes at a set minimum amount. The selling price gradually rises as buyers increase their bid amounts and when the gavel drops, the highest bidder is declared winner of that item. Another item is then placed on the auction block, and the action starts over again. Auctions can be good ways to determine the true value of certain items, especially if collectors are involved. When people really want an item they’re willing to pay the full price that reflects the value.

There are many types of auctions, and the basic premise is the same. There are, however, specific rules and regulations in place for each type of auction:

* English Auctions: The granddaddy of all auction sales, this is the basic style that pits bidders against each other in an open forum. The item goes to the person who bids the highest amount.

* Dutch Auctions: This is basically the opposite of an English auction. In a Dutch auction, the auctioneer begins by offering the item at premium price, and then lowers his or her offer in increments until someone agrees to pay that amount. It’s something like a game of chance, as buyers can jump in and pay a little more for fear of losing the item at the next lower price to someone else. With only one bid to end the sale, Dutch auctions are practical ways to sell items quickly.

* The Sealed First Price Auction: With this type of auction, all bids are made simultaneously. However, no one knows how much other participants have bid. Of course, the person who bids the highest amount will get the item at his or her suggested price.

* Vickey Auction: In a vickey auction, a bargain hunter gets a little more of a bargain. The person who bids the highest price wins the item, but only has to pay the second highest amount.

* Buy-out Auction: Similar to an English auction, a buy-out features items offered for sale at predetermined prices to anyone who wishes to pay full price. These are also referred to as “buy now” prices. If no one in the group wants the item at full price, bidding will begin and the highest bidder wins the auction.

* The Open Outcry Auction: This is the type of auction usually seen in the stock and commodities markets. An open outcry auction involves lively trading at every corner of the arena. With the ever-increasing popularity of the Internet and modern communications, this type of auction is being replaced by electronic trading platforms operating over the worldwide web.

Auction sales are perfect venues for buyers to find all sorts of affordable treasures. Antiques, artwork, cars, collectibles, real estate and countless other types of new and used commodities are put on the block and sold to the highest bidder. With crowds of interested buyers flocking to these types of sales, the auction action can quickly escalate. When more than one buyer is determined to win the prize, competition can be fast and furious. In the end, the final sale price can easily exceed the actual value of the item.

Qualified auctioneers, hired for a flat fee or a predetermined percentage of the proceeds, lead most auctions. These professionals are able to offer information about the community and its buying preferences, as well as providing hints on obtaining the highest price for one’s property.

In the United States, most auctioneers are licensed by the state after completing a series of oral and written examinations. Auctioneers must be reliable, practice integrity and have a good reputation. In addition to leading the sale, auctioneers are also responsible for publicizing the events and resolving disputes or conflicts that may arise during the sale.

When you’re tired of mall walking, and rummage sales prove to be little more than rubbish sales, try scratching your bargain-hunting itch at an auction sale. It’s an exciting experience, and you’re bound to find a great deal on just about anything you’re looking for.