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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.
RED OAK, Ia. — The Coyote Johnson Muscle Car Auction at the Montgomery County Fairgrounds in Red Oak on Saturday marked the event of the summer in ...
RED OAK, Iowa – The Coyote Johnson Muscle Car Auction in Red Oak on Saturday marked the event of the summer in southwestern Iowa, the big reveal of a ...
Oregon. EUGENE. (Eugene Livestock Auction). Sept. 14. Total Receipts: 838. Comments: Sheep and goats higher than previous weeks. Cull cows $2-4 lower.
Fifteen months after his death, more than 200 items once owned by TV personality, author, and chef Anthony Bourdain will be auctioned off, according to the ...
Here's the full breakdown of what each vehicle in Coyote John's massive muscle car collection sold for at auction.
With the help of his latest foe Khabib Nurmagomedov, Dustin Poirier has raised a massive sum for The Good Fight and Fight for the Forgotten.
Another posh North Dallas estate is headed to the auction block.The 6782-square-foot Preston Hollow house at 9915 Avalon Creek Court is north of...
A collection of belongings left behind by Anthony Bourdain, the celebrity chef and television star who died in June 2018, will be sold in an online auction in ...
The Haute Couture and Luxury Fall Fashion sale features vintage haute couture and Hollywood designs worn by Dame Olivia de Havilland, wearable 20th ...
Banksy's largest known oil-on-canvas, depicting a chaotic scene in the U.K. parliament, will be exhibited and auctioned ahead of a Brexit talk during an EU ...
The second public auction of Western artifacts from the extensive private collection of Buddy and Paulette King takes place October 26 and 27.
The Turkish Treasury borrowed a total of around 3.97 billion Turkish liras ($694.6 million) from domestic markets on Sept. 16, according to an official statement.
Quarter Auction For Cops For Kids. The American Legion Auxiliary will be hosting a quarter auction Thursday, September 19. The auction will feature 20 plus ...
On Tuesday, September 17, Bonhams New York holds The Air and Space Sale, in 156 lots. Expected to lead the way is a rare vintage test model of the ...
China Molybdenum Co on Tuesday held off fierce competition from a rival bidder to win an auction of ammonium paratungstate (APT) inventory, formerly held by ...
Matt Roloff fled the farm with his girlfriend Caryn Chandler after selling family items at a big auction.
President Trump's childhood home in Queens, N.Y., is once again heading to the auction block, after an unsuccessful attempt to sell at $2.9 million earlier this ...
SARATOGA SPRINGS — Organizers and volunteers were hard at work Monday afternoon, setting up for the upcoming Saratoga Auto Auction at the Saratoga ...
Google has spent the last few months testing the outcome of running first-price auctions across 10% of its Google Ad Manager inventory. The tech giant has now ...
Several items belonging to Anthony Bourdain will be up for auction in October, including his treasured Bob Kramer steel and meteorite chef's knife. Other items ...
St. Christopher's Hospital for Children, a vital healthcare outpost for North Philadelphia's poor, is turning into a battleground as the region's health-care titans ...
Romania's Digi has been turfed out of Hungary's 5G auction room because it did not measure up to requirements, said the Hungarian regulator in a recent ...
A U.S. District Court judge in Wilmington on Monday temporarily blocked the bankruptcy sale of Hahnemann University Hospital's residency programs pending ...
The local government put the first nine license plates registered under Halabja province up for auction, with the first one estimated to sell for over $800000.
Kiko Auctioneers will host two online auctions starting Sept. 23, featuring commercial kitchen, cleaning supplies and furniture; and beginning Sept. 30 for ...
The British authorities are going to auction off half a million pounds worth of cryptocurrencies after they were confiscated from a 19-year-old who was found guilty ...
The 33rd Annual Broadway Flea Market & Grand Auction might be a week away, but that doesn't mean that you can't start supporting the cause today!
The auction of Colortree Group Inc.'s offset printing presses and other equipment is happening Tuesday.
LINCOLN, Neb., Sept. 16, 2019 /PRNewswire/ -- Sandhills Global, the tech company behind AuctionTime.com, Auction Flex, HiBid.com, Equipmentfacts, ...
With Pappy Van Winkle bourbon in such short supply, and allocations to even the most high-end stores so small, it's a bourbon obsessive's fantasy to be able to ...
Clean Sweep Auctions is offering a massive collection of historic New York Yankees memorabilia as part of its current catalog. In the works for months, the ...
EDWARDSVILLE - With Halloween only about six weeks away, one local business is getting ready by auctioning off a reserved seating package for the city's ...
Company Announcement number 84/2019. Auctions of mortgage covered bonds series 10F, 10G and 10A for the refinancing of FlexLån®. Realkredit Danmark ...
Some Missoula city leaders told us more abandoned cars are ending up on streets and in lots. Cars either end up in the Missoula County Junk Vehicle Program ...
A Red Oak car collector said goodbye to nearly 100 classic muscle cars this weekend. Hundreds of people flocked to Bill "Coyote" Johnson's car auction this ...
U.S. government-bond prices fell anew Tuesday, with the Treasury Department and a crowded slate of corporate issuers adding to the supply of *fresh* debt.
Dallas city councilman Lee Kleinman will be looking for new digs if his North Dallas mansion sells later this month.Kleinman's 7154 square-foot...
WATERTOWN, N.Y. (WWNY) - A date has been set for when a popular sub shop, born in the north country, will be sold at auction. Jreck Subs is overseen by the ...
Darius Rucker, Keith Urban, Toby Keith, Dierks Bentley, even actor Bill Murray donating time or items to raise money.
Bo Pilgrim's 15 million dollar home going up for sale.
Eagles receiver DeSean Jackson is honoring his late friend Nipsey Hussle this season by wearing custom cleats that he will auction each week, with proceeds ...
The Sonoma County Wine Auction offers an unforgettable experience, featuring distinct wines, delectable food and incredible generosity. This year, Christopher ...
London (CNN) A small British auction house has withdrawn from sale a rare Maori cloak which apparently once belonged to a tribal chief, after receiving online ...
From August 29th to September 13th, eleven precious lots of Ornellaia Vendemmia d'Artista 2016, “La Tensione” were auctioned off to benefit the Solomon R.
Scarce in all grades, the 1853 Dahlonega quarter eagle is rare in Mint State and unknown any finer than the MS62 level, assigned by NGC to a coin that we.
A motocross memorabilia mania eBay auction to benefit Road2Recovery is now live.
I jump at any chance to support work done to help our environment and have been impressed by the Prince Albert II of Monaco Foundation and their continued ...
A 1936 Academy Award is among the items going up for auction next month from the collection of the late Turner Classic Movies host Robert Osborne.
For Decades, Red Oak's Coyote Johnson has collected over 100 classic cars and he's auctioning off at least 94 of them Saturday morning. Cars and parts from ...
A Porsche that was expected to sell for over $20 million flopped on the auction block Saturday night, after the sale was thrown into disarray by a technical error.
Did you know that you can buy blighted Macon properties at auction, starting at $400? It's a part of a new initiative to replace delinquent taxpayers.
A painting by Banksy heads to auction, Christie's will sell Andy Warhol's "Athletes" series, and more global art news.
More than 400 deals were ready for potential bidders Saturday morning at Bonnette Auctions on McKeithen Drive.
RED WING — A night to help the local library make ends meet will include, for a lucky few, a seat with a best-selling author.
Several major players in the market are lining up for possible bids this week on one of the city's two children's hospitals.
Devolved Parliament expected to sell for £1.5m-£2m, potentially becoming most expensive Banksy sold. Mark Brown Arts correspondent. Sun 15 Sep 2019 ...
The public had the chance to purchase some Topeka history at an auction on Thursday.
Sale being held on behalf of UK police force that tackles organised crime and terrorism.
Kvika banki hf. has concluded an offering of 6-month bills in the new series KVB 20 0319. Total offers for bills in the auction amounted to ISK 2,300 million and ...
Sotheby's will offer a single-owner collection of whisky, the most valuable ever to be sold at auction, with an estimate in the region of £4 million (US$4.8 million), ...
A 1961 Aston Martin DB4 GT was on the catalog cover for Bonhams annual Goodwood Revival Sale, but it didn't cross the auction block this past weekend.
SPRINGFIELD, Mo. (KFVS) -The 2019 Unclaimed Property Auction for Missouri was held at the University Plaza Hotel in Springfield on Sept. 10 and 11.
Nearing the end of the 2019 campaign, even if I am winning my leagues, I always look forward to next season before the current season is over. I have put ...
The Monterey Car Week auctions left the collector car world in a state of shock. Sales totals were expected to be similar to 2018 when 850 cars sold for US$370 ...
JEFFERSON — More than 80 properties were sold at auction Monday morning, bringing in around $90000 to county coffers.
COLUMBUS, Ohio-- The state of Ohio's property auction on Saturday features a wide array of items, including a jukebox, barber chairs, ATVs, walk behind ...
It's tattered from Hurricane Dorian but the owner of Frying Pan Tower hopes someone will spend big money on a flag that flew on top of the platform during the ...
A much-hyped car auction sputtered out in the weirdest way Saturday.
Devolved Parliament was painted by the anonymous artist in 2009 and could fetch more than £1.5m.
Legendary broadcaster Vin Scully's first Dodgers contract is on the auction block.
EMBARGOED DON'T PUBLISH UNTIL 11 AMThe house that chicken built can be plucked by an auction buyer.
The No. 23 basketball jersey believed to have been worn by President Obama when he was a high school senior sold in an online auction for $120000.
BRANSON, Mo. — Branson will be having an online auction of a surplus of things that are no longer needed by the city. The auction will happen Tuesday, Sept.
Longtime restaurant/banquet hall building and contents now available in 649 separate lots in an online auction.
The Vault Portfolio, a private stash of nearly 50 hot rods and custom cars, sent more than a dozen vehicles across the auction block at Barrett-Jackson's ...
Two extremely rare coins from The Poulos Family Collection - an 1876-CC twenty-cent piece and a Proof 1975 dime without the S mintmark - sold for $456000.
Jacqueline Kennedy Onassis's sister died at the age of 85 in February 2019.
Actress and singer Olivia Newton-John is auctioning off her famous black leather jacket and skintight pants from the movie Grease to benefit her cancer center.
ELKHART, Ind., Sept. 16, 2019 /PRNewswire/ -- The Lexington Landing and Quail Island development will sell all of its remaining 43 lots in the Lexington ...
“I never do these things,” Pharrell Williams told the crowd at Rihanna's Diamond Ball on Thursday night as the Salt-N-Pepa sample on “Move That Dope” started ...
The second auction for Movieland Speedpark has been canceled.
An extremely rare original copy of Hitler's sinister plan to invade Britain has surfaced and will be auctioned in the U.K. this weekend.
ALROSA, the world leader in diamond mining is set to host the second annual True Colors auction of natural color diamonds first time through its online platform, ...
The sprawling Pittsburg, Texas estate built for the late Lonnie “Bo” Pilgrim who founded Pilgrim's Pride, one of the country's largest chicken producers in the U.S., ...
Emergency crews responding to tent fire near 51st and Gilcrease Expressway. The tent is at Swick's Auction, also known as Saturday market for swap meets, ...
Blizzard's attempts to curb sketchy player trades with a Real Money Action House backfired. How might this affect future Diablo?
The coveted "Card Series" has nearly doubled in price since its last sale four years ago.
An outstanding selection of over 200 great collector cars and 100 pedal cars to be offered without reserve at Worldwide's Corpus Christi Old Car Museum ...
A Ferrari, sold for £33000, is among dozens of items seized from criminals and sold at auction.
When it comes to a luxury auction, rare watches and exotic cars made popular by the likes of James Bond are a timeless pairing. Equally important, bidding on ...
When Google Ad Manager tested the switch to unified first-price auctions this summer, it saw a handful of ad tech players start to win a greater share of ad ...
PITTSFORD, N.Y., Sept. 16, 2019 /PRNewswire/ -- Chef Marc Murphy has closed his final restaurant in New York. Landmarc Restaurant, a beloved staple ...
JEFFERSON CITY, Mo. -- The Missouri Treasurer's office is hosting an unclaimed property auction in Springfield. The auction is both Tuesday and Wednesday ...
Magic Johnson's 1992 Dream Team jersey is hitting the auction block!!!
Whoever said Friday the 13th is an unlucky day never mentioned it to organizers of the Coweta Special Athletes Organization last week whose annual sweets ...
For decades, the 12-gauge, sawed-off shotgun was stowed in a closet, kept as a family heirloom.
Last month, 95 foreclosed properties in Ingham County were auctioned to the highest bidder, and any money the county made above what was owed in ...
A long-lost Maya stone carving with an L.A. connection, scheduled to be auctioned in Paris, has an illicit history that should concern all involved.
On September 27th, international auction house Sotheby's will open bidding on "the most valuable collection of scotch whisky ever to be offered at auction"
One of the most iconic-costumes worn in one of the most memorable scenes from one of the most beloved films of all-time is going on the auction block.
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