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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) Thoroughbred horses, where yearling horses and other bloodstock are auctioned.[40] 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] Timber auctions, in which companies purchase licenses to log on government land Opening bid 9 See also

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 the United Kingdom, this practice is legal on property auctions up to but not including the reserve price, and is also known as off-the-wall bidding.[43] Chandelier bidding A practice, especially by high-end art auctioneers, of raising false bids at crucial times in the bidding process in order to create the appearance of greater demand or to extend bidding momentum for a work on offer. To call out these nonexistent bids, auctioneers might fix their gaze at a point in the auction room that is difficult for the audience to pin down. 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. Timber allocation auctions, in which companies purchase timber directly from the government Forest Auctions 7 Auction terminology Dummy bid

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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] No reserve Auto auctions 5 Common uses for auctions Time requirements 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) Lloyd's syndicate auction. See [3]. 3 Time requirements

Car dealer auctions Dollar auction Sniping Demand auction Estate sale Prices are bid (or offered) by buyers and asked by sellers. Auctions may also differ by the procedure for bidding (or asking, as the case may be):