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An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with ...
An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. [1] [2] [3] Similar to in-person auctions, online auctions come in a variety of types , with different bidding and selling rules.
Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost. The conference of the price between the buyer and seller is an economic equilibrium.
An English auction is an open-outcry ascending dynamic auction. It proceeds as follows. The auctioneer opens the auction by announcing a suggested opening bid, a starting price or reserve for the item on sale. Then the auctioneer accepts increasingly higher bids from the floor and sometimes from other sources, for example online or telephone ...
A Dutch auction initially offers an item at a price in excess of the amount the seller expects to receive. The price lowers in steps until a bidder accepts the current price. That bidder wins the auction and pays that price for the item. For example, a business might auction a used company car at a starting bid of €15,000.
A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2] : p2 [3]
The auction house is the physical facility where the objects are catalogued, displayed, and presented to the perspective buyers through a bidding process system. An auction house. The private individual or company managing the house, usually offer services such as clearances, collection of items, shipping, while also advising through valuations ...
An art auction or fine art auction is the sale of art works, in most cases in an auction house . In England this dates from the latter part of the 17th century, when in most cases the names of the auctioneers were suppressed. In June 1693, John Evelyn mentions a "great auction of pictures ( Lord Melfort 's) in the Banqueting House, Whitehall ...
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