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3 Time requirements See alsoTypes of auction: Online auction business model Appraisal 10 Further reading The development of the internet, however, has led to a significant rise in the use of auctions as auctioneers can solicit bids via the internet from a wide range of buyers in a much wider range of commodities than was previously practical.[5] In the sale of collectibles such as stamps, coins, classic cars, fine art[37] and luxury real estate In the sale of all types of real property including residential and commercial real estate, farms, vacant lots and land. Dynamic closing

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. In the sale of all types of real property including residential and commercial real estate, farms, vacant lots and land. 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] Environmental auctions, in which companies bid for licenses to avoid being required to decrease their environmental impact. These include auctions in emissions trading schemes. In a closed auction buyers and/or sellers submit sealed bids Supply auction Buyer's premium - fee paid by the buyer to the auction house Timber allocation auctions, in which companies purchase timber directly from the government Forest Auctions

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Double auction Timber allocation auctions, in which companies purchase timber directly from the government Forest Auctions Private electronic markets using combinatorial auction techniques to continuously sell commodities (coal, iron ore, grain, water...) to a pre-qualified group of buyers (based on price and non-price factors) Demand auction Bidding fee auction, also known as a penny auction, requires that each participant must purchase bids prior to placing them. When an auction's time expires, the last bidder wins the item and must pay a final bid price.[20] An example of this type of auction is Madbid. Auto auctions, in which car dealers purchase used vehicles to retail to the public.[42] Lloyd's syndicate auction. See [3]. Game theory

2.1 Primary types of auction In a closed auction buyers and/or sellers submit sealed bids 7 Auction terminology [edit] Bidding strategy 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. (June 2008) [edit] Suggested opening bid (SOB) This section may require cleanup to meet Wikipedia's quality standards. (Consider using more specific clean up instructions.) Please improve this section if you can. The talk page may contain suggestions. (July 2007) 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.