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In legal contexts where forced auctions occur, as when one's farm or house is sold at auction on the courthouse steps. 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] 2 Types of auction CMD (Caution Money Deposit) 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. Art sale Buyout auction is an auction with a set price (the 'buyout' price) that any bidder can accept at any time during the auction, thereby immediately ending the auction and winning the item.[21] If no bidder chooses to utilize the buyout option before the end of bidding the highest bidder wins and pays their bid.[21] Buyout options can be either temporary or permanent.[21] In a temporary-buyout auction the option to buy out the auction is not available after the first bid is placed.[21] In a permanent-buyout auction the buyout option remains available throughout the entire auction until the close of bidding.[21] The buyout price can either remain the same throughout the entire auction, or vary throughout according to rules or simply at the whim of the seller.[21] [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) Consignor

Game theory Auctions can differ in the number of participants: 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] Hammer price - nominal price at which a lot is sold; on top the buyer pays buyer's premium and taxes Increment 6.3 Collusion In commodities auctions, like the fish wholesale auctions

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No reserve In legal contexts where forced auctions occur, as when one's farm or house is sold at auction on the courthouse steps. Reverse auction is a type of auction in which the roles of the buyer and the seller are reversed, with the primary objective to drive purchase prices downward.[27] While ordinary auctions provide suppliers the opportunity to find the best price among interested buyers, reverse auctions give buyers a chance to find the lowest-price supplier. During a reverse auction, suppliers may submit multiple offers, usually as a response to competing suppliers’ offers, bidding down the price of a good or service to the lowest price they are willing to receive. By revealing the competing bids in real time to every participating supplier, reverse auctions promote “information transparency”. This, coupled with the dynamic bidding process, improves the chances of reaching the fair market value of the item.[28] 2 Types of auction Other auctions: Other auction types also exist such as Simultaneous Ascending Auction,[34] Anglo-Dutch auction,[35] Private value auction,[36] Common value 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]

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. 4 Auctions: characterization Buyout price Timber allocation auctions, in which companies purchase timber directly from the government Forest Auctions [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) Thoroughbred horses, where yearling horses and other bloodstock are auctioned.[40] Supply auction Contents Sale of industrial machinery, both surplus or through insolvency.