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During the American civil war goods seized by armies were sold at auction by the Colonel of the division. Thus, some of today's auctioneers in the U.S. carry the unofficial title of "colonel". [9] Estate sale Smith, Charles W. (1990), Auctions: Social Construction of Value, University of California Press, ISBN 0-520-07201-4 Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction. The number of simultaneous bidders is of critical importance. Open bidding during an extended period of time with many bidders will result in a final bid that is very close to the true market value. Where there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy. Of special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final (winning) bid has become a binding agreement. CMD (Caution Money Deposit) Lloyd's syndicate auction. See [3]. Vendor

6.2 Chandelier bidding Although less publicly visible, the most economically important auctions are the commodities auctions in which the bidders are businesses even up to corporation level. Examples of this type of auction include: Nonetheless, auctions have a long history, having been recorded as early as 500 B.C.[7] According to Herodotus, in Babylon auctions of women for marriage were held annually. The auctions began with the woman the auctioneer considered to be the most beautiful and progressed to the least. It was considered illegal to allow a daughter to be sold outside of the auction method.[6] Online auction business model Lot Fish auction in Honolulu, HawaiiEnglish auction, also known as an open ascending price auction. This type of auction is arguably the most common form of auction in use today.[4] Participants bid openly against one another, with each subsequent bid higher than the previous bid.[14] An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed.[14] In some cases a maximum bid might be left with the auctioneer, who may bid on behalf of the bidder according to the bidder's instructions.[14] The auction ends when no participant is willing to bid further, at which point the highest bidder pays their bid.[14] Alternatively, if the seller has set a minimum sale price in advance (the 'reserve' price) and the final bid does not reach that price the item remains unsold.[14] Sometimes the auctioneer sets a minimum amount by which the next bid must exceed the current highest bid.[14] The most significant distinguishing factor of this auction type is that the current highest bid is always available to potential bidders.[14] The English auction is commonly used for selling goods, most prominently antiques and artwork,[14] but also secondhand goods and real estate. At least two bidders are required.

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In 2008, the National Auctioneers Association reported that the gross revenue of the auction industry for that year was approximately $268.4 billion, with the fastest growing sectors being agricultural, machinery, and equipment auctions and residential real estate auctions. Artemis, Ancient Greek marble sculpture. In 2007, a Roman-era bronze sculpture of "Artemis and the Stag" was sold at Sotheby's in New York for US$28.6 million, by far exceeding its estimates and setting the new record as the most expensive sculpture as well as work from antiquity ever sold at auction.[1][2] Hammer price - nominal price at which a lot is sold; on top the buyer pays buyer's premium and taxes Opening bid Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first unique price or some other. Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought. 6.1 Bid shading Auction From Wikipedia, the free encyclopedia. Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first unique price or some other. Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought.

In a demand auction, n buyers bid for a good being sold Auction From Wikipedia, the free encyclopedia. The Romans also used auctions to liquidate the assets of debtors whose property had been confiscated.[8] For example, Marcus Aurelius sold household furniture to pay off debts, the sales lasting for months.[9] One of the most significant historical auctions occurred in the year 193 A.D. when the entire Roman Empire was put on the auction block by the Praetorian Guard. On March 23 The Praetorian Guard first killed emperor Pertinax, then offered the empire to the highest bidder. Didius Julianus outbid everyone else for the price of 6,250 drachmas per Guard[citation needed], an act that initiated a brief civil war. Didius was then beheaded two months later when Septimius Severus conquered Rome.[8] Tendering Buyout price 6.4 Suggested opening bid (SOB) [edit] Collusion This section does not cite any references or sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2009) There will usually an estimate of what price the lot will fetch. In an ascending open auction it is considered important to get at least a 50-percent increase in the bids from start to finish. To accomplish this, the auctioneer must start the auction by announcing a suggested opening bid (SOB) that is low enough to be immediately accepted by one of the bidders. Once there is an opening bid, there will quickly be several other, higher bids submitted. Experienced auctioneers will often select an SOB that is about 45 percent of the (lowest) estimate. Thus there is a certain margin of safety to ensure that there will indeed be a lively auction with many bids submitted. Several observations indicate that the lower the SOB, the higher the final winning bid. This is due to the increase in the number of bidders attracted by the low SOB. When 50 bidders compete, the winning bid will be about twice as high as when only two bidders compete. Sometimes with an English auction there will be more than 50 bidders. Sniping