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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.
Geelong home auction market surges over July
The strong Geelong housing market continues to produce robust results for sellers with auction clearance rates now tracking at their highest level for years. Geelong reported an auction clearance rate of 71.3 per cent over July which was significantly ...
Classic Car News
Worldwide helps shift Monterey auction sales into higher gear
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Things certainly picked up Thursday at the collector car auctions that are a big part of Monterey Car Week, and the sales should shift into high gear Friday with Bonhams staging its auction and RM Sotheby's and Gooding & Company starting their two-day ...
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Andy's picks at RM Sotheby's 2017 Monterey auction
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This is a factory team car, one of five built, and was driven by none other than Roy Salvadori, Stirling Moss, Jack Brabham and Carroll Shelby. It is also to me the most beautiful sports racing car of all time. I am doubtful if I will ever see one ...
Southeast Pa. Hay Auction Summary - 8/11/17
Prior week sales for week ending Friday, August 11, 2017. Report comprised of Wolgemuth-New Holland, Kirkwood, and Wolgemuth-Leola hay auctions. ALFALFA: 4 loads, 18.45 tons. ALFALFA/GRASS: 29 loads, 116.34 tons. GRASS: 39 loads, 170.14 tons.
China auctions exploration rights for shale gas
China auctioned the exploration rights for a shale gas mine Friday, the first such auction in the country. Guizhou Industrial Investment Corporation from southwest China's Guizhou Province paid 1.29 billion yuan (190 million U.S. dollars) for the ...
KAR Auction Services Inc - Receive News & Ratings Daily
KAR Auction Services logo BB&T Corp raised its position in KAR Auction Services, Inc (NYSE:KAR) by 133.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned ...
Rolex Monterey Motorsports Reunion: Champion Mika Hakkinen, others talk Laguna Seca's iconic Corkscrew
Monterey County Herald
Previews open on Wednesday. Admission is $30 per person. RM Auctions' Sports & Classics of Monterey: Fine classic cars and unique sports cars, including a dedicated Ford-themed auction, will be auctioned at the Portola Hotel & Spa, Friday and Saturday.
Car and Driver
The 10 Most Expensive Cars Sold at the 2017 Monterey Auctions, Day 1
Car and Driver
Monterey Car Week annually brings thousands of moneyed automotive enthusiasts to central California for a multiple-day celebration of great cars. What better setting, then, for an auction house to offer some fine cars to the gathered throngs? After ...
Trenton man named auctioneering champion at Illinois State Fair
Ever since he was a little boy, attending farm auctions with his dad, Anthony Emig has been fascinated with auctioneers. The Trenton man started imitating them, trying to follow their techniques, and he's been learning ever since. Emig was named the ...
AUCTION, LIVESTOCK, REAL ESTATE SALE UPDATES
Public Auction, 11 a.m., 102 S. Clayton St., Brush, Colo., Associate Auctioneers of Colorado, (970) 380-7653, http://www.auctionzip.com ID#7082. □ Several Estate Auctions, Greeley Colo., Kreps-Wiedeman Auctions, (970) 356-3943, http://www.k-wauctions.
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