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Auction and Its Benefits


An auction is basically a public sale wherein any object is sold to the highest bidder. It can be defined as a process of purchasing and selling things by offering them up for bid, taking bids and selling the things out to the highest bidder. This is what is generally the case. However, a sale to the lowest bidder may also take place, in cases where land is sold for non-payment of taxes to anyone willing to take it for the shortest term; or where a contract is offered to an individual or party willing to take it for the shortest term; or where a contract is offered to an individual or party willing to perform it at the lowest price. Such cases too seem to fairly come under the purview of the term 'auction'.

In case of auction the seller presents the products on a public platform. The selling price of the products are determined by the bids or offers of buyers interested in buying them based on their individual estimation of value of and need of the products. The person offering the highest bid at closing of auction receives the right to purchase the products at the bid price. The winner of the bid is normally legally bound to buy the item auctioned. In recent times auctions have been conducted online.

The benefits of auction are many. Some of the significant advantages are:

a) The auctioned item fetches the highest price in the given situation. Thus, in a way there is the maximization or optimization of profit.

b) At an auction the goods are almost certainly disposed off after bidding by their sale to the highest bidder. Hence, this serves as the right podium for disposing or selling out of accumulated goods. Otherwise, business could have become stagnant due to the stocking of these goods. Certain items could also have perished (in case of perishable goods) or expired if not sold out in time.

c) In case of auctioning a variety of articles may come up for sale, which may not be otherwise available in the market. The buyer can get quite surprised by looking at a treasure trove of antique articles available at an auction.

d) An auction can also be considered as a method for estimating the value of certain commodities which have hitherto undetermined or variable prices.

Author bio:
Author: Kellin
http://www.autocastle.com/
http://www.autocastle.com/dealers.asp


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Fri. September / 18 / 2020

First of two online auctions for confiscated hunting, fishing gear closes Saturday - International Falls Journal
First of two online auctions for confiscated hunting, fishing gear closes Saturday  International Falls Journal

Brazil to end biodiesel auctions, permit imports - Argus Media
Brazil to end biodiesel auctions, permit imports  Argus Media

Bidding in first of 2 online auctions for confiscated hunting, fishing equipment open, ends Saturday - KSTP
Bidding in first of 2 online auctions for confiscated hunting, fishing equipment open, ends Saturday  KSTP

City of Biloxi putting on an auction - WXXV News 25
City of Biloxi putting on an auction  WXXV News 25

Auctions of mortgage covered bonds series 10F, 10G and 10A for the refinancing of FlexLån® - GlobeNewswire
Auctions of mortgage covered bonds series 10F, 10G and 10A for the refinancing of FlexLån®  GlobeNewswire

Sonic puts its 'cherished' ice up for auction, gets bids above $300 - Fox News
Sonic puts its 'cherished' ice up for auction, gets bids above $300  Fox News

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK MUNICIPAL BONDS - GlobeNewswire
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK MUNICIPAL BONDS  GlobeNewswire

Artwork Online Auctions Software Market, Global Key Players, Trends, Share, Industry Size, Growth, Opportunities, Forecast To 2025 - Reported Times
Artwork Online Auctions Software Market, Global Key Players, Trends, Share, Industry Size, Growth, Opportunities, Forecast To 2025  Reported Times

Selected Western livestock auctions | Livestock Auctions | capitalpress.com - Capital Press
Selected Western livestock auctions | Livestock Auctions | capitalpress.com  Capital Press

Kelleher's Oct. 7 auction offers Central and South America - Linn's Stamp News
Kelleher's Oct. 7 auction offers Central and South America  Linn's Stamp News

Auction Prices That Take Your Breath Away - The New York Times
Auction Prices That Take Your Breath Away  The New York Times

State's popular surplus equipment auction goes online - ABC 36 News - WTVQ
State's popular surplus equipment auction goes online - ABC 36 News  WTVQ

Assent Aeronautics to auction $20M worth of aircraft out of Love Field - Dallas Business Journal
Assent Aeronautics to auction $20M worth of aircraft out of Love Field  Dallas Business Journal

Stickney-Eliasberg 'Original' 1804 dollar heads to fall auction - Coin World
Stickney-Eliasberg 'Original' 1804 dollar heads to fall auction  Coin World

Hines Estate 9/26 | Antique Auctions | lancasterfarming.com - Lancaster Farming
Hines Estate 9/26 | Antique Auctions | lancasterfarming.com  Lancaster Farming

In Time of Pandemic, Auction Houses Cash In Big on Watches - Bloomberg
In Time of Pandemic, Auction Houses Cash In Big on Watches  Bloomberg

Artworks by Lichtenstein, Blanchard, Benton, others are in Neue Auctions' Sept. 26th online sale - ArtfixDaily
Artworks by Lichtenstein, Blanchard, Benton, others are in Neue Auctions' Sept. 26th online sale  ArtfixDaily

Retro-Styled 2020 Chevy Tahoe Sells For Big Bucks At Mecum Auctions - GM Authority
Retro-Styled 2020 Chevy Tahoe Sells For Big Bucks At Mecum Auctions  GM Authority

One of largest known T. rex skeletons up for auction at Christie’s - NBC News
One of largest known T. rex skeletons up for auction at Christie’s  NBC News

Annual Auction Of Vehicles Abandoned At Pittsburgh International Airport Goes Virtual - CBS Pittsburgh
Annual Auction Of Vehicles Abandoned At Pittsburgh International Airport Goes Virtual  CBS Pittsburgh

Effingham Performance Center hosts online auction | Arts and Theatre | jg-tc.com - Journal Gazette and Times-Courier
Effingham Performance Center hosts online auction | Arts and Theatre | jg-tc.com  Journal Gazette and Times-Courier

T. Rex Skeleton up for Auction for $6-8 Million - Nerdist
T. Rex Skeleton up for Auction for $6-8 Million  Nerdist

STORAGE AUCTIONS - Columbia Star
STORAGE AUCTIONS  Columbia Star

Nashville: An Auction for ACM Lifting Lives Covid 19 Response Fund | Charity Auction - Christie's
Nashville: An Auction for ACM Lifting Lives Covid 19 Response Fund | Charity Auction  Christie's

Arnot Realty president buys 8-acre Ithaca waterfront property for $3.8 million in auction - Ithaca Journal
Arnot Realty president buys 8-acre Ithaca waterfront property for $3.8 million in auction  Ithaca Journal

12-carat diamond ring realizes $143,750 in Andrew Jones Auctions' first-ever Fine Jewelry, Watches & - EIN News
12-carat diamond ring realizes $143,750 in Andrew Jones Auctions' first-ever Fine Jewelry, Watches &  EIN News

Arbor Health Foundation to Hold Virtual 'Mask-erade' Dinner and Auction to Benefit Morton Hospital - Centralia Chronicle
Arbor Health Foundation to Hold Virtual 'Mask-erade' Dinner and Auction to Benefit Morton Hospital  Centralia Chronicle

Artworks by Lichtenstein, Blanchard, Benton and others are in Neue Auctions' Fine Art & Antiques auction, - EIN News
Artworks by Lichtenstein, Blanchard, Benton and others are in Neue Auctions' Fine Art & Antiques auction,  EIN News

Concierge Auctions Announces September/October Global Auction Lineup of $160 Million in Properties—Most No - EIN News
Concierge Auctions Announces September/October Global Auction Lineup of $160 Million in Properties—Most No  EIN News

The Blatant Hypocrisy of the Sotheby’s Hip-Hop Auction - Pitchfork
The Blatant Hypocrisy of the Sotheby’s Hip-Hop Auction  Pitchfork

Former Aviation Club auction serves up Erie dining lore - GoErie.com
Former Aviation Club auction serves up Erie dining lore  GoErie.com

Charity Auctions to Benefit Comic Stores Struggling Amid COVID-19 - Hollywood Reporter
Charity Auctions to Benefit Comic Stores Struggling Amid COVID-19  Hollywood Reporter

Colin Kaepernick's rookie NFL jersey could sell for this huge sum at auction - Fox Business
Colin Kaepernick's rookie NFL jersey could sell for this huge sum at auction  Fox Business

11th annual Tiger Auction raises nearly $200,000 for FHSU Athletics - hays Post
11th annual Tiger Auction raises nearly $200,000 for FHSU Athletics  hays Post

Louis Armstrong’s 1948-Made Trumpet Heads to Auction - Rolling Stone
Louis Armstrong’s 1948-Made Trumpet Heads to Auction  Rolling Stone

Manchester Livestock Auction's Last Sale on Friday – Mix 94.7 KMCH - kmch.com
Manchester Livestock Auction's Last Sale on Friday – Mix 94.7 KMCH  kmch.com

El Paso County still holding auctions in person, looking for options to make them safer - KFOX El Paso
El Paso County still holding auctions in person, looking for options to make them safer  KFOX El Paso

Ancient and Modern Gold Coins Highlight Catawiki Auctions - CoinWeek
Ancient and Modern Gold Coins Highlight Catawiki Auctions  CoinWeek

Hardwood floor from Kobe Bryant's final game expected to auction for more than $500,000 - CNN International
Hardwood floor from Kobe Bryant's final game expected to auction for more than $500,000  CNN International

FullBeauty's $41M bid wins Catherines plus brand at auction - Retail Dive
FullBeauty's $41M bid wins Catherines plus brand at auction  Retail Dive

Auction to help museum that's reopened after months - Bainbridge Island Review
Auction to help museum that's reopened after months  Bainbridge Island Review

Salt Lake City’s Fleet Division is auctioning off some of its vehicles - fox13now.com
Salt Lake City’s Fleet Division is auctioning off some of its vehicles  fox13now.com

Carriers in auction mode; spot rates nearly $3/mile on national level - FreightWaves
Carriers in auction mode; spot rates nearly $3/mile on national level  FreightWaves

Orange faces staff dissent about 5G on eve of France's auction - Light Reading
Orange faces staff dissent about 5G on eve of France's auction  Light Reading

Zoo-To-Do Auction Ends Saturday - My New Orleans
Zoo-To-Do Auction Ends Saturday  My New Orleans

Notorious B.I.G.'s crown sells for nearly $600,000 in auction - KARE11.com
Notorious B.I.G.'s crown sells for nearly $600,000 in auction  KARE11.com

Stalled auction of 89-year-old’s house over 6-cent tax bill spurs new proposed rule - NJ.com
Stalled auction of 89-year-old’s house over 6-cent tax bill spurs new proposed rule  NJ.com

Heritage Ball auction now open | Features | williamsonherald.com - williamsonherald.com
Heritage Ball auction now open | Features | williamsonherald.com  williamsonherald.com

Austin-Based Nonprofit Launches Baked Goods Auction - Patch.com
Austin-Based Nonprofit Launches Baked Goods Auction  Patch.com

Landis Valley Museum's annual auction fundraiser goes online; view items Sunday - Fly Magazine
Landis Valley Museum's annual auction fundraiser goes online; view items Sunday  Fly Magazine

Catawiki's Exclusive Art & Photography Book Auction is Live | Fine Books & Collections - Fine Books & Collections Magazine
Catawiki's Exclusive Art & Photography Book Auction is Live | Fine Books & Collections  Fine Books & Collections Magazine

Dogwood Arts hosting mask art auction fundraiser - WATE 6 On Your Side
Dogwood Arts hosting mask art auction fundraiser  WATE 6 On Your Side

1/1 2013-14 Prizm Black Giannis Rookie Coming to... - Sports Collectors Daily
1/1 2013-14 Prizm Black Giannis Rookie Coming to...  Sports Collectors Daily

Digital auctions no substitute for in-lane - Automotive News
Digital auctions no substitute for in-lane  Automotive News

Online junior livestock show and auction hosted by Gila County Fair - Payson Roundup
Online junior livestock show and auction hosted by Gila County Fair  Payson Roundup

banksy's rebellious adaptation of claude monet masterpiece up for auction at sotheby's - Designboom
banksy's rebellious adaptation of claude monet masterpiece up for auction at sotheby's  Designboom

Honolulu Police Department auctions evidence online - KHON2
Honolulu Police Department auctions evidence online  KHON2

1957 Mercedes-Benz 300SL Gullwing Auction Attracts Bids Of Over $1 Million And Climbing - CarScoops
1957 Mercedes-Benz 300SL Gullwing Auction Attracts Bids Of Over $1 Million And Climbing  CarScoops

Benefit Shop Foundation, Inc. Presents Orentreich Foundation Art Auction Oct. 7 - ArtfixDaily
Benefit Shop Foundation, Inc. Presents Orentreich Foundation Art Auction Oct. 7  ArtfixDaily

You Might Want to Bid During This Year's Best Bourbon Auction - InsideHook
You Might Want to Bid During This Year's Best Bourbon Auction  InsideHook

Digital auto auctions are effective and safer - Automotive News
Digital auto auctions are effective and safer  Automotive News

'I had totally forgotten': Autographed Michael Jordan bat rediscovered in car trunk 26 years later - USA TODAY
'I had totally forgotten': Autographed Michael Jordan bat rediscovered in car trunk 26 years later  USA TODAY

NDDOT holding online vehicle auction Sept. 23 | INFORUM - inforum.com
NDDOT holding online vehicle auction Sept. 23 | INFORUM  inforum.com

4-H Foundation begins online auctions | Local News | starbeacon.com - The Star Beacon
4-H Foundation begins online auctions | Local News | starbeacon.com  The Star Beacon

This Rare 1928 BMW R57 Motorcycle Will Lead Bonhams’ Upcoming Collectors’ Auction - Robb Report
This Rare 1928 BMW R57 Motorcycle Will Lead Bonhams’ Upcoming Collectors’ Auction  Robb Report

DNR to hold auctions on confiscated hunting, fishing equipment - KSTP
DNR to hold auctions on confiscated hunting, fishing equipment  KSTP

Abraham Lincoln's lock of hair sells for more than $81,000 at auction - CNN
Abraham Lincoln's lock of hair sells for more than $81,000 at auction  CNN

Taylor, Picard guide NAAA & auction industry through time of transition - Auto Remarketing
Taylor, Picard guide NAAA & auction industry through time of transition  Auto Remarketing

DNR sets two confiscated hunting, fishing equipment auctions for this fall - Brainerd Dispatch
DNR sets two confiscated hunting, fishing equipment auctions for this fall  Brainerd Dispatch

Better Auctions, Better Service, Just Plain Better. | Sponsored Content | lancasteronline.com - LancasterOnline
Better Auctions, Better Service, Just Plain Better. | Sponsored Content | lancasteronline.com  LancasterOnline

O'Hare-area condo units to hit bankruptcy auction block - REjournals.com
O'Hare-area condo units to hit bankruptcy auction block  REjournals.com

Arizona Daily Star building sells for more than $3M at auction - Arizona Daily Star
Arizona Daily Star building sells for more than $3M at auction  Arizona Daily Star

LA’s Century-OId Pacific Dining Car Is Selling Everything at Auction - Eater LA
LA’s Century-OId Pacific Dining Car Is Selling Everything at Auction  Eater LA

Entertainment 360: Art shows, contests, auctions happening | News - goskagit.com
Entertainment 360: Art shows, contests, auctions happening | News  goskagit.com

Area youths awarded scholarships in 4-H purple ribbon auction | The - The Globe
Area youths awarded scholarships in 4-H purple ribbon auction | The  The Globe

Living Local Carolina: The HGTC Foundation’s Annual Gala Goes Virtual With Auction Items Open To The Public - WBTW
Living Local Carolina: The HGTC Foundation’s Annual Gala Goes Virtual With Auction Items Open To The Public  WBTW

T. Boone Pickens' estate and art up for grabs in 2 auctions, one in Dallas - CultureMap Dallas
T. Boone Pickens' estate and art up for grabs in 2 auctions, one in Dallas  CultureMap Dallas

Calhoun County Fair: new dates and plans set for 2020 Junior Livestock show and auction - Crossroads Today
Calhoun County Fair: new dates and plans set for 2020 Junior Livestock show and auction  Crossroads Today

Fishing tournament raises thousands for community with online auction - WCTI12.com
Fishing tournament raises thousands for community with online auction  WCTI12.com

Bloomsburg Fair livestock auction goes virtual - WNEP Scranton/Wilkes-Barre
Bloomsburg Fair livestock auction goes virtual  WNEP Scranton/Wilkes-Barre

Meadow Gold milk processing equipment, trucks up for auction - Hawaii News Now
Meadow Gold milk processing equipment, trucks up for auction  Hawaii News Now

Big Brother legend Janelle Pierzina auctions off show necklace for charity - Monsters and Critics
Big Brother legend Janelle Pierzina auctions off show necklace for charity  Monsters and Critics

Texas Coast villa of late car dealership icon Allen Samuels up for auction (slideshow) - San Antonio Business Journal
Texas Coast villa of late car dealership icon Allen Samuels up for auction (slideshow)  San Antonio Business Journal

Virtual Broadway Flea Market & Grand Auction to Offer One-on-One Video Chats - broadwaydirect.com
Virtual Broadway Flea Market & Grand Auction to Offer One-on-One Video Chats  broadwaydirect.com

Wenatchee Valley businesses donate supplies for fundraising auction to help wildfire victims - iFIBER One News
Wenatchee Valley businesses donate supplies for fundraising auction to help wildfire victims  iFIBER One News

Bayfield wireless ISP wins FCC spectrum auction | The Daily Briefing - BusinessNorth.com
Bayfield wireless ISP wins FCC spectrum auction | The Daily Briefing  BusinessNorth.com

Auto derby and classic car auction this weekend in Rolla - KFYR
Auto derby and classic car auction this weekend in Rolla  KFYR

Rotary president feeling hopeful as auction moves toward finish line - Hopkinsville Kentucky New Era
Rotary president feeling hopeful as auction moves toward finish line  Hopkinsville Kentucky New Era

Epicurean Delight goes virtual with online auction - Rome Sentinel
Epicurean Delight goes virtual with online auction  Rome Sentinel

AADVS to hold virtual auction - The-review
AADVS to hold virtual auction  The-review

11th Annual Tiger Auction raises nearly $200000 for Tiger Athletics - Hays Daily News
11th Annual Tiger Auction raises nearly $200000 for Tiger Athletics  Hays Daily News

Rotary Auction Tops 100-thousand Dollar Mark - wkdzradio.com
Rotary Auction Tops 100-thousand Dollar Mark  wkdzradio.com

Auction.com enables remote bidding on live foreclosure properties - HousingWire
Auction.com enables remote bidding on live foreclosure properties  HousingWire

Pablo Picasso prints up for auction to help Orange County food bank - KABC-TV
Pablo Picasso prints up for auction to help Orange County food bank  KABC-TV

FFA Booster Club Auction Raises $23000 - Douglas County Herald
FFA Booster Club Auction Raises $23000  Douglas County Herald

Tax acquired properties sold at auction | Community News | Penobscot Bay Press - The Weekly Packet
Tax acquired properties sold at auction | Community News | Penobscot Bay Press  The Weekly Packet

How to buy a house at auction - MSN Money
How to buy a house at auction  MSN Money

The price is right: international auction house adopts Polish algorithm to track art prices - The First News
The price is right: international auction house adopts Polish algorithm to track art prices  The First News

Agent Auction Announces Its Latest Luxury Listing on the California Riviera - PR Web
Agent Auction Announces Its Latest Luxury Listing on the California Riviera  PR Web

Trigano collection does $4.7 million at auction in France - The ClassicCars.com Journal
Trigano collection does $4.7 million at auction in France  The ClassicCars.com Journal

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