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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.
Visitors formed long lines before daybreak on Tuesday to catch a glimpse of Tokyo's renowned tuna auctions — now at the Toyosu wholesale fish market — as ...
In recent years, buyers have flocked to private marketplaces to avoid the fraud, hidden fees and low-quality ads they saw in the open marketplace. Agencies ...
Collectors may have their sights set on Scottsdale and Barrett-Jackson, but used-car dealers focus their time in Tolleson, where Cox Automotive sells thousands ...
Peter Lynch, one of Forbes Greatest Business Minds, adds $2 million worth of furniture to the upcoming auction for his Scottsdale house.
A 30858-square-foot Paradise Valley home that was once listed for $35 million is going up for auction later this month. The Paradise Valley home, called Villa ...
India plans 350 GW solar, 140 GW wind power capacity operational by 2030, with share of renewable energy in overall power generation targeted at 40%.
Jeff Gordon is auctioning off a 2016 Corvette C7.R with supercharged 6.2-liter LT4 V8 engine to raise money for cancer research at Barrett-Jackson.
A rare penny that a Pittsfield teenager found in his lunch money more than 70 years ago was auctioned off for more than $200,000 on Thursday to a Concord ...
The house is reported worth $510000, according to Zillow.com.
The vast Western American Art collection of late businessman and philanthropist L.D. “Brink” Brinkman will be auctioned both online and live in Los Angeles ...
The one-cent coin is one of 20 pennies that was accidentally minted by the US government during World War II.
The Mecum Auction's Kissimmee sale features an assemblage that includes rare road rockets from the 1930s through 1960s and beyond.
Artsy exclusively presents BFAMI: Benefit Auction 2019. BFAMI supports Educational Programmes for Underprivileged Youth. Exciting benefit auction featuring ...
Sears Chairman Edward Lampert won a bankruptcy auction for the company with a plan that will keep the bankrupt retailer in business and seek to save tens of ...
Arizona Car Week kicks off this weekend with Barrett-Jackson, Bonhams, Gooding & Company, RM Sotheby's, Russo and Steele, Silver Auctions and ...
So it's time to part with your collection or pieces of it. If so, then stick with me for some guidance on where and how to sell.
In Miscellaneous Milwaukee, we take a stroll through the aisles of Antiques On Pierce and unearth curious, strange, or valuable Milwaukee artifacts.
As ridiculous as it sounds, high-end car auctions can get a bit samey. Year after year, it's a similar bunch of crazy rare Ferraris, Porsches and old Bugattis that ...
Source: Hulton Archive / Getty ImagesThe world of vintage sports collecting has evolved from a cottage hobby to big money, make that serious money, over the ...
Kennewick, Wash. - The Old Country Buffet, a local favorite for many years has recently closed. The remaining assets from the Old Country Buffet are being ...
ANGUS STREET believes we are on the cusp of seeing an Amazon-style disruption of the livestock marketplace in Australia. As the CEO of Auctions Plus he has ...
Can't be at the Barrett-Jackson auction in person? See which vehicles draw the biggest bids on TV.
The finest-known 1885 Trade dollar – among the rarest and most enigmatic issues in all of American coinage – sold for $3,960,000 through Heritage Auctions ...
Artsy presents Rago Auctions: Mid-Mod, featuring works by Eero Saarinen, Tommi Parzinger, Paul Evans, and more. In advance of the auction, browse lots and ...
The 13,000 square foot home that overlooks Roberts Bay will be sold fully furnished. In total, there is more than 20,000 square feet of covered space, both ...
Artsy presents Rago Auctions: Modern Ceramics & Glass, featuring works by Dale Chihuly, Hans Coper, Yoichi Ohira, and more. In advance of the auction, ...
Over the past six years, the KCI Auto Auction has donated $1.25 million to three Kansas City-based organizations.
Artsy presents Rago Auctions: Lost City Arts - 36 Years of Collecting, featuring works by George Nakashima, Harry Bertoia, Vladimir Kagan, and more.
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Heavy snowfall in the nation's capital has prompted the FCC to suspend the 28 GHz spectrum auction. The agency plans to resume activities on Jan. 15 with six ...
The owners are selling homes in Florida, Pennsylvania, New Mexico and Colorado that were previously individually listed for a combined $46 million.
A legendary Ford Mustang sold for a historic price at the Mecum Auctions event in Kissimmee, Fla., on Friday night when the bidding ended at $2,200,000.
Baseball legend Randy Johnson's 25000-square-foot Paradise Valley mansion will go to the highest bidder on Jan. 31.
It has the letters NJ stamped on its barrel, which may means it was purchased for a New Jersey militia unit.
Chris Watts' multilevel Colorado home is being foreclosed and put up for auction -- for any buyers willing to look past its tragic history.
Changing times at two printing outfits, Dotprint in Springvale and Cardboard Containers in Rosebery sees a heap of printing and convertuing equipment up for ...
Arizona Cardinals receiver Larry Fitzgerald will auction off three of his cars at Barrett-Jackson in Scottsdale.
Among the items for sale Saturday at a southern Wisconsin auction business is a box of World War II German replica pins featuring swastikas.
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Up to $1 million worth of vintage cars and automobile paraphernalia is going up for auction this weekend following the recent closure of the Dick's Classic ...
U.S. government bond prices fell Tuesday amid signs that risk sentiment is improving while the Treasury Department completed the first of three auctions this ...
Sotheby's unveils a group of 21 masterworks for an auction titled "The Female Triumphant" during Masters Week on January 25.
Two Ferrari supercars will star at the next Mecum Auctions event, taking place at Osceola Heritage Park in Kissimmee, Fla., from January 3 through 13.
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The Federal Emergency Management Agency auctioned off 34,496 unused meal kits this week, as their expiration date neared, that had been earmarked for ...
ACV Auctions, a past 43North champion, has received a new jolt of funding to fuel its rapid growth. The Buffalo-based online auto auction business has secure…
U.S. government debt prices continued to edge lower on Friday morning, reversing a recent rally, as investors digest the fourth rate hike this year from the U.S. ...
Japanese government bond prices eked out gains on Wednesday, buoyed by a drop in Tokyo stocks that stoked investor appetite for safe-haven debt.
Whether it's a panoramic framed photo of the Charlotte Panthers playing at Bank of America Stadium or a pristine portrait of Elvis Presley standing alongside ...
New Delhi: The government is likely to launch a *fresh* round of auction of power purchase contracts while also allowing escalation and fixed charges to power ...
Oregon. EUGENE. (Eugene Livestock Auction). Dec. 22. Head Count: 293. Comments: Market steady overall, good quality feeder calves $4-5 higher. Light test ...
WEYMOUTH — A firm that lent $60 million to the struggling developer behind a sprawling project on the site of the former South Weymouth Naval Air Station has ...
Exhibitors at the Cooke County Junior Livestock show raised more than $164000 during the premium sale Saturday, Jan. 12.
Residents wanting a bowlful of homemade chili are invited to attend the Oklahoma County 4-H annual Chili Cook Off and Auction on Saturday at the OSU ...
The City of Lewisburg will be hosting an auction to give away some used items from the public works department.
ABINGDON, Va. — So it's official: The Summers Law Office is going up for auction.
The second Global Dairy Trade auction of 2019 got another boost in its weighted average of products offered, jumping 4.2 percent Tuesday, following the Jan.
For the first time in the FCC's 28 GHZ spectrum auction, the round-over-round increase in dollars bid across the available three thousand-plus licenses was zero.
Intel plans to launch a new high-end desktop processor, which will only be available through a closed online auction.
Bishop McGuinness Catholic High School will host the 33rd annual auction dinner and dance, 'Clancy in Wonderland,' on Feb. 1.
Tuesday is the second day of bidding at the Barrett-Jackson collector car auction in Scottsdale and features a Mystery Machine to street machines. More than ...
NEW BEDFORD — The Whaling City Seafood Display Auction handled 25477 pounds of fish, yesterday. Species Pounds Price Large Monktails;3113 ...
Tehran, Iran - Monir Farmanfarmaian, the grand dame of Tehran's vibrant art scene, has set a new record for a local female artist after an untitled mirror mosaic ...
Honor the legacy of Martin Luther King Jr., check out an art and wine festival or see what's going on the block at a high-end car auction.
Historic Natchez home and inn will be auctioned Feb. 1.
Those who can't attend the 19th annual Naples Winter Wine Festival can bid for lots during an online auction from Jan. 20-31.
These are the five most interesting vehicles up for auction at the RM Sotheby's Auction in Scottsdale, Arizona. The auction takes place January 17-18, 2019.
While the late-rapper was serving time in the mid-90's, he drew an explicit drawing for his then-girlfriend, which is now going up for auction.
The Wyoming Auction Association Championship was held at the Ramkota.
A Jan. 26 silent auction at the Ruidoso Convention Center will benefit the Ski Apache Adaptive Sports Program.
Chevrolet will auction four Bumblebee Camaros from the Transformers movie franchise at Barrett-Jackson collector car auction in Scottsdale.
Scenes from the 47th annual Trenton VFD Farm Equipment and General Auction at the Jones County Fairgrounds. [Gray Whitley / Sun Journal Staff]. [1/81].
City officials plan to auction 132 acres of pristine desert in northeast Mesa for what they say could become another Las Sendas.
In a video announcement of his decision to auction the game-worn Curry 6 “moon landing” shoes, Stephen Curry said he would donate the proceeds to ...
The only thing better than fine wine and fine food is enjoying it for a good cause. The 20th annual Cynthia Woods Mitchell Pavilion Wine Dinner and Auction is ...
The Wyoming Game & Fish Commissioners License is now open for bidding and ends March 31. License is good for elk, deer, or antelope in the state of ...
Rivals Sunrise Communications and Salt Mobile plan to vie for spectrum needed to provide fifth-generation (5G) mobile services in a Swiss auction this month ...
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SAN FRANCISCO, Jan. 15, 2019 /PRNewswire/ -- With its close proximity to Yosemite National Park, Sonora, California is the perfect place for a vacation and ...
YOUNGSTOWN, Ohio -- Falmer Manufacturing Inc. is in the market for a new headquarters as competition from China is forcing the company to downsize.
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It's been a memorable year in the art world, not for what happened, but for who left.
More than 1.1 million yuan (US$164213) was raised in a charity auction in Shanghai on Tuesday eveni.
PHOENIX — Arizona Car Week starts this Saturday with the Barrett-Jackson auto auction . Some 1,800 classic, luxury, custom and exotic cars will be shined and ...
Treasury yields came off their intraday lows on Thursday after sloppy results for a bond auction influenced trading for government paper.
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Grab your digital bidding paddles, Capitals fans. The Better Halves are back once again, auctioning off their annual themed gift baskets. As always, the baskets ...
An historic schoolhouse built in the 19th century is scheduled to go up for auction later this month in the city of Green.
The BMW Z1 is still a rare sight on our shores, having been eligible for importation for a grand total of three years after floating into the 25-year window. The car ...
MUMBAI: The Prasar Bharati Board on Tuesday gave a green signal to e-auctioning of DTH slots on DD Free Dish. The public broadcaster will resume the ...
AnandTech has seen documents and supporting information from multiple sources that show that Intel is planning to release a new high-end desktop processor, ...
A grand waterfront home in Marco Island, Florida, with a collection of tropical flora worthy of its own botanical garden, is headed for auction next month.
DALLAS TOWNSHIP, Pa. -- A New Year's Day antiques auction has been a tradition in Luzerne County for more than two decades. "I have come every year I ...
FREDERICK – The Frederick home where Chris Watts killed his pregnant wife Shanann and two daughters Bella and Celeste will be going up for auction.
When Sears, Roebuck and Co. renovated its Auburn store in 1984, the two-story anchor at the Auburn Mall publicized the result as “the store of tomorrow.
A scarf knitted by a German woman to represent how long she was delayed on trains run by German rail company Deutsche Bahn sold for €7,550 ($8,660) on ...
While the Fast & Furious movie franchise saw years of sequels, along with an up-coming spin-off, the “Live” version came to an end last year. Running into ...
Four luxury homes going up for auction in the same week by Robert and Miryam Knutson. They have been previously estimated in value for a combined $46 ...
One of Arizona's priciest homes — an almost 31,000-square-foot Paradise Valley mansion listed for $35 million a few years ago — will go on the auction block at ...
In 1947, a Pittsfield, Massachusetts, teenager found one of the rarest coins in circulation in his lunch change.
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