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No reserve Auctions can differ in the number of participants: Foreclosure Game theory Smith, Charles W. (1990), Auctions: Social Construction of Value, University of California Press, ISBN 0-520-07201-4 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. Consignor [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:

An 18th century Chinese meiping porcelain vase. Porcelain has long been a staple at art sales. In 2005, a 14th century Chinese porcelain piece was sold by the Christie's for £16 million, or $28 million. It set a world auction record for any ceramic work of art.[3]The word "auction" is derived from the Latin augeo which means "I increase" or "I augment".[4] A ring can also be used to increase the price of an auction lot, in which the owner of the object being auctioned may increase competition by taking part in the bidding him or herself, but drop out of the bidding just before the final bid. In Britain and many other countries Rings and the bidding on one's own object are illegal. This form of a ring was used as a central plot device in an episode of the British television series Lovejoy (series 4, episode 3) in which the price of a watercolour by the (fictional) Jessie Webb is inflated in order that others by the same artist can be sold for more than their purchase price. 4 Auctions: characterization History of the auction There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price. Commission Sotheby's, now the world's second-largest auction house,[11] held its first auction in 1744. Christie's, now the world's largest auction house,[11] was established around 1766. Other early auction houses that are still in operation include Dorotheum (1707), Bonhams (1793), Phillips de Pury & Company (1796), Freeman's (1805) and Lyon & Turnbull (1826).[13] Generalized second-price auction Dutch auction also known as an open descending price auction.[4] In the traditional Dutch auction the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer's price.[14] The winning participant pays the last announced price.[4] The Dutch auction is named for its best known example, the Dutch tulip auctions. ("Dutch auction" is also sometimes used to describe online auctions where several identical goods are sold simultaneously to an equal number of high bidders.[15]) In addition to cut flower sales in the Netherlands, Dutch auctions have also been used for perishable commodities such as fish and tobacco.[14] In practice, however, the Dutch auction is not widely used.[4]

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Double auction Vendor bid Multi-unit auctions sell more than one identical item at the same time, rather than having separate auctions for each. This type can be further classified as a uniform price auction or a discriminatory price auction. 8 JEL classification There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price. In a closed auction buyers and/or sellers submit sealed bids Timber auctions, in which companies purchase licenses to log on government land Vendor bid

Online auction tools Tendering Without modification, auction generally refers to an open, demand auction, with or without a reservation price (or reserve), with the item sold to the highest bidder. 12 References 4 Auctions: characterization Auction sniping Types of auction Primary types of auction