Auction
An auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory an auction is a method for determining the value of a commodity that has an undetermined or variable price. In some cases, there is a minimum or reserve price; if the bidding does not reach the minimum, there is no sale (but the person who puts the item up for auction still owes a fee to the auctioneer). In the context of auctions, a bid is an offered price.
Auctions are publicly seen in several contexts:
Although less publicly visible, the most economically important auctions are those in which the bidders are businesses or corporations. Examples of this type of auction include:
The world's three largest auction houses are Christie's, Sotheby's and Bonhams. Internet auctions have become very popular; the world's largest auction site is eBay.
Auction catalogs are frequently printed and distributed before auctions of rare and/or collectible items; these catalogs may be very elaborate works, with considerable details about the items being auctioned.
Auctioneers are usually trained in the legal and practical aspects of conducting auctions. Some jurisdictions require auctioneers to be licensed and bonded. In the U.S., auctioneers who have completed Auctioneer School commonly use the title Colonel and are given this honorary title because in the U.S. Civil War, Colonels of the armies were called upon to auction off the spoils of war.
This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.
English
Română