Auctions-Basics - Auction Wikipedia the free encyclopedia...

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Auction An auctioneer and her assistants scan the crowd for bidders From Wikipedia, the free encyclopedia "Auctioneer" redirects here. For the DC Comics supervillain, see Auctioneer (comics). An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange. There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder (s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price. Contents 1 History of the auction 2 Types of auction 2.1 Primary types of auction 2.2 Secondary types of auction 3 Time requirements 4 Auctions: characterization 5 Common uses for auctions 6 Bidding strategy 6.1 Bid shading 6.2 Collusion 6.3 Suggested opening bid (SOB) 7 Auction terminology 8 JEL classification 9 See also 10 Further reading 11 Notes 12 References Page 1 of 12 Auction - Wikipedia, the free encyclopedia 1/6/2009
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Artemis, Ancient Greek marble sculpture. In 2007, a Roman-era bronze sculpture of "Artemis and the Stag" was sold at Sotheby's in New York for US$28.6 million, by far exceeding its estimates and setting the new record as the most expensive sculpture as well as work from antiquity ever sold at auction. [1][2] An 18 th century Chinese meiping porcelain vase. Porcelain has long been a staple at art sales. In 2005, a 14 th century Chinese porcelain piece was sold by the Christie's for £15.68 million, or $30.6 million. It set a world auction record for History of the auction The word "auction" is derived from the Latin augēre , which means "to increase" or "augment". [4] For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities. In practice, both haggling and sale by set-price have been significantly more common. [5] Indeed, prior to the seventeenth century the few auctions that were held were sporadic and infrequent. [6] Nonetheless, auctions have a long history, having been recorded as early as 500 B.C. [7] According to Herodotus, in Babylon auctions of women for marriage were held annually. The auctions began with the woman the auctioneer considered to be the most beautiful and progressed to the least. It was considered illegal to allow a daughter to be sold outside of the auction method. [6]
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Auctions-Basics - Auction Wikipedia the free encyclopedia...

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