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3 Time requirements 6.4 Suggested opening bid (SOB) During the Roman Empire, following military victory, Roman soldiers would often drive a spear into the ground around which the spoils of war were left, to be auctioned off. Later slaves, often captured as the "spoils of war", were auctioned in the forum under the sign of the spear, with the proceeds of sale going towards the war effort.[6] http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1727409 [edit] Common uses for auctionsAuctions are publicly and privately seen in several contexts and almost anything can be sold at auction. Some typical auction arenas include the following: 9 See also Opening bid In the United Kingdom, this practice is legal on property auctions up to but not including the reserve price, and is also known as off-the-wall bidding.[43] Outbid

See alsoTypes of auction: In an English auction a dummy bid is a bid made by a dummy bidder acting in collusion with the auctioneer or vendor, designed to deceive genuine bidders into paying more. In a First price auction a dummy bid is an unfavourable bid designed so as not to become the winning bid. (The bidder does not want to win this auction, but he or she wants to make sure to be invited to the next auction). In some parts of England during the seventeenth and eighteenth centuries auction by candle was used for the sale of goods and leaseholds. This auction began by lighting a candle after which bids were offered in ascending order until the candle spluttered out. The high bid at the time the candle extinguished itself won the auction.[10] Opening bid No-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price.[24][25] From the seller's perspective, advertising an auction as having no reserve price can be desirable because it potentially attracts a greater number of bidders due to the possibility of a bargain.[24] If more bidders attend the auction, a higher price might ultimately be achieved because of heightened competition from bidders.[25] This contrasts with a reserve auction, where the item for sale may not be sold if the final bid is not high enough to satisfy the seller. In practice, an auction advertised as "absolute" or "no-reserve" may nonetheless still not sell to the highest bidder on the day, for example, if the seller withdraws the item from the auction or extends the auction period indefinitely,[26] although these practices may be restricted by law in some jurisdictions or under the terms of sale available from the auctioneer. During the Roman Empire, following military victory, Roman soldiers would often drive a spear into the ground around which the spoils of war were left, to be auctioned off. Later slaves, often captured as the "spoils of war", were auctioned in the forum under the sign of the spear, with the proceeds of sale going towards the war effort.[6] In some parts of England during the seventeenth and eighteenth centuries auction by candle was used for the sale of goods and leaseholds. This auction began by lighting a candle after which bids were offered in ascending order until the candle spluttered out. The high bid at the time the candle extinguished itself won the auction.[10] Foreclosure

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For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities. In practice, both haggling and sale by set-price have been significantly more common.[5] Indeed, prior to the seventeenth century the few auctions that were held were sporadic and infrequent.[6] No-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price.[24][25] From the seller's perspective, advertising an auction as having no reserve price can be desirable because it potentially attracts a greater number of bidders due to the possibility of a bargain.[24] If more bidders attend the auction, a higher price might ultimately be achieved because of heightened competition from bidders.[25] This contrasts with a reserve auction, where the item for sale may not be sold if the final bid is not high enough to satisfy the seller. In practice, an auction advertised as "absolute" or "no-reserve" may nonetheless still not sell to the highest bidder on the day, for example, if the seller withdraws the item from the auction or extends the auction period indefinitely,[26] although these practices may be restricted by law in some jurisdictions or under the terms of sale available from the auctioneer. Auction school Types of auction Primary types of auction Vickrey auction, also known as a sealed-bid second-price auction.[17] This is identical to the sealed first-price auction except that the winning bidder pays the second highest bid rather than his or her own.[18] This is very similar to the proxy bidding system used by eBay, where the winner pays the second highest bid plus a bidding increment (e.g., 10%).[17] Although extremely important in auction theory, in practice Vickrey auctions are rarely used.[14] 6.2 Chandelier bidding Chandelier bidding A practice, especially by high-end art auctioneers, of raising false bids at crucial times in the bidding process in order to create the appearance of greater demand or to extend bidding momentum for a work on offer. To call out these nonexistent bids, auctioneers might fix their gaze at a point in the auction room that is difficult for the audience to pin down.

Commission Auction Network Auction by the candle. A type of auction, used in England for selling ships, in which the highest bid laid on the table when a guttering candle expires wins. Vickrey auction, also known as a sealed-bid second-price auction.[17] This is identical to the sealed first-price auction except that the winning bidder pays the second highest bid rather than his or her own.[18] This is very similar to the proxy bidding system used by eBay, where the winner pays the second highest bid plus a bidding increment (e.g., 10%).[17] Although extremely important in auction theory, in practice Vickrey auctions are rarely used.[14] Chinese auction Debt auctions, in which governments sell debt instruments, such as bonds, to investors. The auction is usually sealed and the uniform price paid by the investors is typically the best non-winning bid. In most cases, investors can also place so called non-competitive bids, which indicates an interest to purchase the debt instrument at the resulting price, whatever it may be