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[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) 5 Common uses for auctions In a double auction n buyers bid to buy goods from m sellers 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] Another approach to choosing an SOB: The auctioneer may achieve good success by asking the expected final sales price for the item, as this method suggests to the potential buyers the item's particular value. For instance, say an auctioneer is about to sell a $1,000 car at a sale. Instead of asking $100, hoping to entice wide interest (for who wouldn't want a $1,000 car for $100?), the auctioneer may suggest an opening bid of $1,000; although the first bidder may begin bidding at a mere $100, the final bid may more likely approach $1,000. Job lot Sealed first-price auction, also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted.[4][14] This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly.[14] This kind of bid produces the same outcome as Dutch auction.[16] Sealed first-price auctions are commonly used in tendering, particularly for government contracts and auctions for mining leases.[14] Auction chant Opening bid 1 History of the auction

Buyout price In Australia a dummy bid (shill, schill) is a criminal offence but a vendor bid or a co-owner bid below the reserve price is permitted, if clearly declared as such by the auctioneer. These are all official legal terms in Australia, but may have other meanings elsewhere. A co-owner is one of two or several owners (who disagree among themselves). During the end of the 18th century, soon after the French Revolution, auctions came to be held in taverns and coffeehouses to sell art. Such auctions were held daily, and catalogs were printed to announce available items. Such Auction catalogs are frequently printed and distributed before auctions of rare or collectible items. In some cases these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned.[citation needed] The oldest auction house in the world is Stockholm Auction House (Stockholms Auktionsverk). It was established in Sweden in 1674.[11][12] Consignee Travel tickets. One example is SJ AB in Sweden auctioning surplus at Tradera (Swedish eBay). Sniping 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.

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Escrow Auction terminology This section requires expansion. 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] 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. From the end of the Roman Empire to the eighteenth century auctions lost favor in Europe,[8] while they had never been widespread in Asia.[6] Auto auctions Auto auctions

No reserve Knocked down to Buyer's premium - fee paid by the buyer to the auction house Dummy bid Silent auction is a variant of the English auction in which bids are written on a sheet of paper. At the predetermined end of the auction, the highest listed bidder wins the item.[29] This auction is often used in charity events, with many items auctioned simultaneously and "closed" at a common finish time.[29] The auction is "silent" in that there is no auctioneer selling individual items,[29] the bidders writing their bids on a bidding sheet often left on a table near the item.[30] At charity auctions, bid sheets usually have a fixed starting amount, predetermined bid increments, and a "guaranteed bid" amount which works the same as a "buy now" amount. Other variations of this type of auction may include sealed bids.[29] The highest bidder pays the price he or she submitted.[29] CMD (Caution Money Deposit) Smith, Charles W. (1990), Auctions: Social Construction of Value, University of California Press, ISBN 0-520-07201-4 Vendor