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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] 6.1 Bid shading Secondary types of auctionAll-pay auction is an auction in which all bidders must pay their bids regardless of whether they win. The highest bidder wins the item. All-pay auctions are primarily of academic interest, and may be used to model lobbying/bribery (bids are political contributions) or competitions such as a running race.[19] In the sale of all types of real property including residential and commercial real estate, farms, vacant lots and land. 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. Auction block Escrow

History of the auction Reserve auction is an auction where the item for sale may not be sold if the final bid is not high enough to satisfy the seller; that is, the seller reserves the right to accept or reject the highest bid.[25] In these cases a set 'reserve' price known to the auctioneer, but not necessarily to the bidders, may have been set, below which the item may not be sold.[24] The reserve price may be fixed or discretionary. In the latter case, the decision to accept a bid is deferred to the auctioneer, who may accept a bid that is marginally below it. A reserve auction is safer for the seller than a no-reserve auction as they are not required to accept a low bid, but this could result in a lower final price if less interest is generated in the sale.[25] Sniping Auto auctions, in which car dealers purchase used vehicles to retail to the public.[42] 11 Notes Tendering Spectrum auctions, in which companies purchase licenses to use portions of the electromagnetic spectrum for communications (e.g., mobile phone networks) 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]

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Smith, Charles W. (1990), Auctions: Social Construction of Value, University of California Press, ISBN 0-520-07201-4 In Sweden and many other countries there are no legal restrictions, but it will severely hurt the reputation of an auction house that knowingly permits any other bids except genuine bids. If the reserve is not reached this should be clearly declared. [edit] Further readingKlemperer, Paul (2004), Auctions: Theory and Practice, Princeton, N.J.: Princeton University Press, ISBN 0-691-11925-2 Draft edition available online. Lot Proxy bid (aka absentee bid) Generalized second-price auction For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities. In practice, both haggling and sale by set-price have been significantly more common.[5] Indeed, prior to the seventeenth century the few auctions that were held were sporadic and infrequent.[6] [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:

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. In livestock auctions where sheep, cattle, pigs and other livestock are sold. Sometimes very large numbers of stock are auctioned, such as the regular sales of 50,000 or more sheep during a day in New South Wales.[38] In wool auctions where international agents purchase lots of wool[39] 2 Types of auction Auction school 6.4 Suggested opening bid (SOB) eBay 6.2 Chandelier bidding