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