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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 Mon. May / 10 / 2021

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How Mecum Auctions landed the Parnelli Jones collection  The ClassicCars.com Journal

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Sotheby’s, Christie’s Expect to Sell $1 Billion in Art at Spring Auctions  The Wall Street Journal

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Bezos's Blue Origin auctions seat on first New Shepard spaceflight with passengers – Spaceflight Now  Spaceflight Now

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eBay Selling Strategy: Auction versus Buy It Now  EcommerceBytes

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HiBid Auctions Top $53 Million Last Week, with Horses, Motorcycles, Appliances, and More Now Open for Bidding  PRNewswire

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Anti-racism, tattoos, and no more ‘wench auctions:’ Changes at Disney spark a conservative backlash  The Boston Globe

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MMIP working group launches silent auction  KPAX-TV

ACTION AUCTIONS PUBLIC ESTATE AUCTION GREENSBORO, NC MAY 15, 2021 - Greensboro News & Record
ACTION AUCTIONS PUBLIC ESTATE AUCTION GREENSBORO, NC MAY 15, 2021  Greensboro News & Record

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Fevered bidding for bankrupt Hertz reaches courtroom auction  Financial Times

Tom Brady's first-ever NFL touchdown pass football up for auction - Fox Business
Tom Brady's first-ever NFL touchdown pass football up for auction  Fox Business

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Ritchie Bros. conducts 71 farm auctions in 30 days, generating CA$104 million  PRNewswire

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Could NFT auctions be moving away from Ethereum? One new group is betting they will  TechCrunch

Parts of original Mackinac Bridge steel placed on auction - WDIV ClickOnDetroit
Parts of original Mackinac Bridge steel placed on auction  WDIV ClickOnDetroit

The Strangely Scientific Debut of Adam Strange Up for Auction - Bleeding Cool News
The Strangely Scientific Debut of Adam Strange Up for Auction  Bleeding Cool News

Kurt Cobain's Hair Is Up For Auction - BLABBERMOUTH.NET
Kurt Cobain's Hair Is Up For Auction  BLABBERMOUTH.NET

Second Chance opens online auction to help pets in need - WWLP.com
Second Chance opens online auction to help pets in need  WWLP.com

'I am emotionally drained': Oklahoma farmer auctions off animals, equipment to survive - KOKH FOX25
'I am emotionally drained': Oklahoma farmer auctions off animals, equipment to survive  KOKH FOX25

EXCLUSIVE: How Collectors Xchange Wants To Revolutionize Online Car Auctions - HotCars
EXCLUSIVE: How Collectors Xchange Wants To Revolutionize Online Car Auctions  HotCars

South County Trolley company on the auction block - WJAR
South County Trolley company on the auction block  WJAR

Yields on 10-year JGBs fall ahead of new bond auctions - Reuters
Yields on 10-year JGBs fall ahead of new bond auctions  Reuters

Sotheby's accepting cryptocurrency for upcoming Banksy auction - Art Critique
Sotheby's accepting cryptocurrency for upcoming Banksy auction  Art Critique

Inside the story of Keith Haring's fridge, at auction with Madonna’s 'tag' - New York Post
Inside the story of Keith Haring's fridge, at auction with Madonna’s 'tag'  New York Post

Chevyland USA Car Museum Collection Goes Up for Auction - Motor Trend
Chevyland USA Car Museum Collection Goes Up for Auction  Motor Trend

Michael Jordan College Jersey Sets Record Price in Heritage Auction - Sports Collectors Daily
Michael Jordan College Jersey Sets Record Price in Heritage Auction  Sports Collectors Daily

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Rental-car companies crash used-car auctions to find scarce vehicles  Marketplace

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

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Bottle of oldest known whiskey in existence to hit the auction block in June  WFLA

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Come to the Table virtual auction reveals diverse menu of options  Evening Observer

Ball that was Tom Brady’s first touchdown pass is up for auction - NBC Sports
Ball that was Tom Brady’s first touchdown pass is up for auction  NBC Sports

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Second busiest week of the year for auctions across the combined capital cities  CoreLogic Property News

Pistols belonging to Alexander Hamilton go on auction Friday, May 14th, in Rock Island - WQAD.com
Pistols belonging to Alexander Hamilton go on auction Friday, May 14th, in Rock Island  WQAD.com

Say Yes to Selena's Dress: 8-year-old auctions off her dresses online to raise money for PATH - Tyler Morning Telegraph
Say Yes to Selena's Dress: 8-year-old auctions off her dresses online to raise money for PATH  Tyler Morning Telegraph

Rare Kashmir sapphire glitters in Geneva auction - Moneycontrol
Rare Kashmir sapphire glitters in Geneva auction  Moneycontrol

Zebra escapes exotic livestock auction in Tennessee - New York Daily News
Zebra escapes exotic livestock auction in Tennessee  New York Daily News

Auction raises money for Newton County Fairgrounds - KoamNewsNow.com
Auction raises money for Newton County Fairgrounds  KoamNewsNow.com

PREVIEW-U.S. Treasury debt auctions expected to remain steady in Q2 - Reuters
PREVIEW-U.S. Treasury debt auctions expected to remain steady in Q2  Reuters

A Pair of Alexander Hamilton’s Pistols up for Auction - Barron's
A Pair of Alexander Hamilton’s Pistols up for Auction  Barron's

Hundreds of people descend on a Sydney suburban street for an auction - Daily Mail
Hundreds of people descend on a Sydney suburban street for an auction  Daily Mail

The last Plymouth ever built is up for auction - Fox News
The last Plymouth ever built is up for auction  Fox News

AAMC Foundation hosts annual fundraiser through online auctions - Index-Journal
AAMC Foundation hosts annual fundraiser through online auctions  Index-Journal

Auctions: A Mysterious Unsigned Chronograph Minute Repeater Is Coming Up At Phillips - HODINKEE
Auctions: A Mysterious Unsigned Chronograph Minute Repeater Is Coming Up At Phillips  HODINKEE

Amy Winehouse's family is auctioning some of her most iconic clothes 10 years after her death - Insider
Amy Winehouse's family is auctioning some of her most iconic clothes 10 years after her death  Insider

Adidas launches Reebok auction, China row may dent Asian interest -sources - Reuters
Adidas launches Reebok auction, China row may dent Asian interest -sources  Reuters

Stunning 1958 Kurtis Kraft IndyCar Is Heading To Auction - HotCars
Stunning 1958 Kurtis Kraft IndyCar Is Heading To Auction  HotCars

TREASURIES-Intermediate-dated yields rise after auctions - Reuters
TREASURIES-Intermediate-dated yields rise after auctions  Reuters

Iconic Auctions' online Amazing Music Auction, May 15th, features Bob Dylan's handwritten lyrics to Blowin' in - EIN News
Iconic Auctions' online Amazing Music Auction, May 15th, features Bob Dylan's handwritten lyrics to Blowin' in  EIN News

Auctions: Grand Seiko Makes A Grand Entrance On The Auction Circuit - HODINKEE
Auctions: Grand Seiko Makes A Grand Entrance On The Auction Circuit  HODINKEE

Queen Victoria's Satin Slippers Are For Sale at Auction - TownandCountrymag.com
Queen Victoria's Satin Slippers Are For Sale at Auction  TownandCountrymag.com

Bidding starts Sunday for Baum School of Art auction - 69News WFMZ-TV
Bidding starts Sunday for Baum School of Art auction  69News WFMZ-TV

Leonardo da Vinci bear drawing expected to fetch £12m at auction - The Guardian
Leonardo da Vinci bear drawing expected to fetch £12m at auction  The Guardian

‘Fathom’ No. 1 Cover Hitting Auction Block as NFT (Exclusive) - Hollywood Reporter
‘Fathom’ No. 1 Cover Hitting Auction Block as NFT (Exclusive)  Hollywood Reporter

Auction at the Wass a success - Times Bulletin
Auction at the Wass a success  Times Bulletin

L-A theater to hold silent auction May 16-30 - Kennebec Journal & Morning Sentinel
L-A theater to hold silent auction May 16-30  Kennebec Journal & Morning Sentinel

JFK's intimate letters to Swedish mistress up for auction - New York Post
JFK's intimate letters to Swedish mistress up for auction  New York Post

Analysis: Big U.S. Treasury auctions could restart rise in yields - Reuters
Analysis: Big U.S. Treasury auctions could restart rise in yields  Reuters

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Crabcake Factory USA in Ocean City heads to auction after declaring bankruptcy  Delmarva Now

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Global Online Auction Market (2021 to 2025) - Key Players Featured are Auction Technology, eBay, Ritchie Bros. Auctioneers and Live Auctioneers  PRNewswire

Phillips Auction House to Accept Crypto for Banksy Artwork Sale - CoinDesk - CoinDesk
Phillips Auction House to Accept Crypto for Banksy Artwork Sale - CoinDesk  CoinDesk

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As a Sotheby's auction looms, scholars protest Newark Museum of Art's plan to sell a Thomas Cole painting and other works  Art Newspaper

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RubiX Set to Hold NFT Art Auctions Full of “World's Firsts”  GlobeNewswire

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New York firm wins auction to buy Henry Ford Village out of bankruptcy  Detroit Free Press

Art World Players Rethink the Auction Marketplace - The Wall Street Journal
Art World Players Rethink the Auction Marketplace  The Wall Street Journal

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227-Year-Old Prototype for First US Dollar Sold at Auction  Hyperallergic

This rare jewelry set up for auction once belonged to Napoleon's daughter - CNN
This rare jewelry set up for auction once belonged to Napoleon's daughter  CNN

Tiger Group Online Auction on May 20 Features Machining Centers, Industrial Robots and Other High-Utility Assets - PRNewswire
Tiger Group Online Auction on May 20 Features Machining Centers, Industrial Robots and Other High-Utility Assets  PRNewswire

State resumes online auction of surplus equipment and vehicles - Vermont Biz
State resumes online auction of surplus equipment and vehicles  Vermont Biz

This New Online Auction Site Lets You Buy Rare Cars Right From Your Phone - Robb Report
This New Online Auction Site Lets You Buy Rare Cars Right From Your Phone  Robb Report

Ocean City's Crabcake Factory heads to auction - WBAL TV Baltimore
Ocean City's Crabcake Factory heads to auction  WBAL TV Baltimore

Sotheby's to accept bitcoin and ether for an upcoming auction of a Banksy painting - CNBC
Sotheby's to accept bitcoin and ether for an upcoming auction of a Banksy painting  CNBC

Sotheby's to Auction 'First NFT Ever Minted' - CoinDesk - CoinDesk
Sotheby's to Auction 'First NFT Ever Minted' - CoinDesk  CoinDesk

‘I miss you’: JFK’s intimate letters to Swedish mistress up for auction - The Boston Globe
‘I miss you’: JFK’s intimate letters to Swedish mistress up for auction  The Boston Globe

TREASURIES-Trouble-free note auctions keep a lid on yield gains - Reuters
TREASURIES-Trouble-free note auctions keep a lid on yield gains  Reuters

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Christie’s to Auction $17 M. Bellotto Landscape Poised to Break Record  ARTnews

Here's what you can buy at the Oklahoma Turnpike Authority's first-ever surplus property auction - Oklahoman.com
Here's what you can buy at the Oklahoma Turnpike Authority's first-ever surplus property auction  Oklahoman.com

Cosmic: 400+ Film Treasures to Land at a Mega Auction - NBC Southern California
Cosmic: 400+ Film Treasures to Land at a Mega Auction  NBC Southern California

Love’s Bakery auctions off bread, vintage shirts - KHON2
Love’s Bakery auctions off bread, vintage shirts  KHON2

Silver dollar prototype once owned by Texas Rangers co-chairman Bob Simpson sells at auction for $840,000 - ESPN
Silver dollar prototype once owned by Texas Rangers co-chairman Bob Simpson sells at auction for $840,000  ESPN

Auctions for potential Arizona Samsung sites postponed - Phoenix Business Journal - Phoenix Business Journal
Auctions for potential Arizona Samsung sites postponed - Phoenix Business Journal  Phoenix Business Journal

Rare 1971 Plymouth Hemi 'Cuda Convertible Is Heading to Auction - Motor Trend
Rare 1971 Plymouth Hemi 'Cuda Convertible Is Heading to Auction  Motor Trend

Lorain auctions old equipment saying, 'Everything must go:' - The Morning Journal
Lorain auctions old equipment saying, 'Everything must go:'  The Morning Journal

Iconic Classic Car Collection In Central Nebraska Up for Auction | netnebraska.org - NET Nebraska
Iconic Classic Car Collection In Central Nebraska Up for Auction | netnebraska.org  NET Nebraska

WhistlePig Whiskey FarmStock 'Beyond Bonded' Barrel to Hit Auction Block This Month - BevNET.com
WhistlePig Whiskey FarmStock 'Beyond Bonded' Barrel to Hit Auction Block This Month  BevNET.com

Mecum Auctions' 30th annual motorcycle auction spotlights gorgeous bikes - Lasvegasmagazine
Mecum Auctions' 30th annual motorcycle auction spotlights gorgeous bikes  Lasvegasmagazine

Cresting Flood of U.S. Treasury Supply May End Auction Woes - Bloomberg
Cresting Flood of U.S. Treasury Supply May End Auction Woes  Bloomberg

The Roger Federer Collection: Sold to Benefit the RF Foundation - Christie's
The Roger Federer Collection: Sold to Benefit the RF Foundation  Christie's

Knights to Hold Virtual Charity Auction | Community News | independentnews.com - Livermore Independent
Knights to Hold Virtual Charity Auction | Community News | independentnews.com  Livermore Independent

HiBid.com Auctions Surpass $50 Million Last Week; Taking Bids Now on VR Headsets, Pickup Trucks, and More - PRNewswire
HiBid.com Auctions Surpass $50 Million Last Week; Taking Bids Now on VR Headsets, Pickup Trucks, and More  PRNewswire

Last chance at Love’s Bakery: Auction gives public opportunity to take home piece of bakery - KHON2
Last chance at Love’s Bakery: Auction gives public opportunity to take home piece of bakery  KHON2

Roger Federer To Auction Off Grand Slam Memorabilia - ATP Tour
Roger Federer To Auction Off Grand Slam Memorabilia  ATP Tour

Eddie Van Halen ‘Frankenstrat’ Guitars Hit the Auction Block - Rolling Stone
Eddie Van Halen ‘Frankenstrat’ Guitars Hit the Auction Block  Rolling Stone

Henry Ford Village sold at auction to New York firm; court must rule on winning bid - Crain's Detroit Business
Henry Ford Village sold at auction to New York firm; court must rule on winning bid  Crain's Detroit Business

Umbrella Arts Center auction continues through May 15 - Wicked Local
Umbrella Arts Center auction continues through May 15  Wicked Local

US C-band auction becomes world's costliest mid-band 5G auction yet - S&P Global
US C-band auction becomes world's costliest mid-band 5G auction yet  S&P Global

Auction Sales Top $39 Million Last Week on HiBid.com, with Rare Coins and Classic Cars Now Up for Bidding - PRNewswire
Auction Sales Top $39 Million Last Week on HiBid.com, with Rare Coins and Classic Cars Now Up for Bidding  PRNewswire

One of the Rarest, Early Rolex Submariners Is Heading to Auction This Weekend - Robb Report
One of the Rarest, Early Rolex Submariners Is Heading to Auction This Weekend  Robb Report

Auction Dilemma: Isuzu Trooper Vs. Mitsubishi Montero | HotCars - HotCars
Auction Dilemma: Isuzu Trooper Vs. Mitsubishi Montero | HotCars  HotCars

Wilt Chamberlain 100-point game ticket stub up for auction - WIBW
Wilt Chamberlain 100-point game ticket stub up for auction  WIBW

$3.3 million in Hancock County properties are up for auction. You can bid online. - Biloxi Sun Herald
$3.3 million in Hancock County properties are up for auction. You can bid online.  Biloxi Sun Herald

This New Disneyland-Themed Auction Is Full of Joyful Gems - NBC Southern California
This New Disneyland-Themed Auction Is Full of Joyful Gems  NBC Southern California

Prototype of First US Dollar Coins Going Up for Auction - NBC 5 Dallas-Fort Worth
Prototype of First US Dollar Coins Going Up for Auction  NBC 5 Dallas-Fort Worth

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