How to win an auction

• What are auctions
• Types of auctions
• Buying and selling on eBay
• What are online auctions

What are auctions An auction is the process of buying and in the sale of collectibles such as selling things by offering them up for stamps, coins, classic cars, fine art, bid, taking bids, and then selling the and luxury real estate item to the highest bidder. Auctioning the wine auction business, where serious can be traced as far back as 500 B.C. In collectors can gain access to rare economic theory, an auction is a method bottles and mature vintages, not for determining the value of a commodity typically available through retail that has an undetermined or variable channels price. Auctions can be with reserve or in the sale of all types of real minimum, or without minimums, or property including residential and absolute or no reserve. In reserve commercial real estate, farms, vacant auctions, there is a minimum bid or lots and land reserve price; if the bidding does not for the sale of consumer second-hand reach the minimum, there is no sale (but goods of all kinds, particularly house the person who puts the item up for clearances and online auctions. auction may still owe a fee to the sale of industrial machinery, both auctioneer or auction company). In surplus or through insolvency. absolute or no reserve auctions, the in commodities auctions, like the fish sale is guaranteed, with only the price wholesale auctions left to be determined. In the context of in thoroughbred horseracing, where auctions, a bid is an offered price. yearling horses are commonly auctioned History of the Auction off; and According to ancient Greek scribes, the in legal contexts where forced auctions more generally accepted auction occurred occur, as when one's farm or house is first in Babylon in 500 B.C. During this sold at auction on the courthouse steps. period, auctions were held annually, and Although less publicly visible, the most women were sold on the condition of economically important auctions are the marriage. It was considered illegal to commodities auctions in which the allow a daughter to be sold outside the bidders are businesses even up to auction method. Women with “beauty” corporation level. Examples of this type engendered higher bidding, women without of auction include: “beauty” had to pay a dowry to be sales of businesses accepted into the auction, and thus the spectrum auctions, in which companies price would be negative. purchase licenses to use portions of the During the Roman Empire, following electromagnetic spectrum for military victory, Roman soldiers would communications (for cell phone networks, often spear the ground to mark the for example) location of spoils in which goods and timber auctions, in which companies property were seized. Roman business purchase licenses to log on government agents were said to have accompanied land warriors into battle to help facilitate electricity auctions, in which expected sales. The Romans also used the large-scale generators and consumers of auction to liquidate their own property. electricity bid on generating contracts For example, Marcus Aurelius is said to environmental auctions, in which have auctioned off prized heirlooms and companies bid for licenses to avoid furniture, (an auction that, as legend being required to decrease their has it, lasted over two months). The environmental impact most legendary auction occurred in the debt auctions, in which governments sell year 193 A.D. when the entire Roman debt instruments, such as bonds, to Empire was put on the auction block by investors. The auction is usually sealed the Praetorian Guard. On March 23rd, The and the uniform price paid by the Praetorian Guard first killed Pertinax investors is typically the best the emperor, and then announced that the non-winning bid. In most cases, highest bidder could claim the entire investors can also place so called Empire. Didius Julianus outbid everyone non-competitive bids, which indicates an for the price of 6,250 drachmas per interest to purchase the debt instrument Guard, an act that initiated a brief at the resulting price, whatever it may civil war. Didius was then beheaded two be months later when Septimus Severus auto auctions, in which car dealers conquered Rome. purchase used vehicles to retail to the During the seventeenth century and public. emerging soon after the French Major auction houses include Christie's, Revolution, auctions came to be held in Sotheby's, Lyon & Turnbull and Bonhams. taverns and coffeehouses to sell art. Internet auctions such as eBay and Such auctions were held daily, and GoIndustry.com have become very popular. catalogs were printed to announce Auction catalogs are frequently printed available items. and distributed before auctions of rare The oldest auction house has been and/or collectible items; these catalogs established in 1707 in Austria. may be very elaborate works, with During the American civil war, goods considerable details about the items seized by armies were sold at auction by being auctioned. the Colonel of the division. Thus Auctioneers are usually trained in the today's auctioneer carries the legal and practical aspects of unofficial title of "colonel". conducting auctions. Some jurisdictions Auctions are publicly and privately seen require auctioneers to be licensed and in several contexts and almost anything bonded. In the U.S., some auctioneers can be sold at auction. Some typical who have completed auctioneer school use auction arenas include the following: the title Colonel and are given this the antique business, where besides honorary title because in the U.S. Civil being an opportunity for trade they also War, Colonels of the armies were called serve as social occasions and upon to auction off the spoils of war. entertainment 1 A B C D E 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117