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[edit] Further readingKlemperer, Paul (2004), Auctions: Theory and Practice, Princeton, N.J.: Princeton University Press, ISBN 0-691-11925-2 Draft edition available online. eBay Relisting Job lot Sniping Contents Sales of businesses Thoroughbred horses, where yearling horses and other bloodstock are auctioned.[40] Spectrum auctions, in which companies purchase licenses to use portions of the electromagnetic spectrum for communications (e.g., mobile phone networks)

Tendering 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] Auction sniping 11 Notes 6.2 Chandelier bidding Auction terminology This section requires expansion. Contents There will usually an estimate of what price the lot will fetch. In an ascending open auction it is considered important to get at least a 50-percent increase in the bids from start to finish. To accomplish this, the auctioneer must start the auction by announcing a suggested opening bid (SOB) that is low enough to be immediately accepted by one of the bidders. Once there is an opening bid, there will quickly be several other, higher bids submitted. Experienced auctioneers will often select an SOB that is about 45 percent of the (lowest) estimate. Thus there is a certain margin of safety to ensure that there will indeed be a lively auction with many bids submitted. Several observations indicate that the lower the SOB, the higher the final winning bid. This is due to the increase in the number of bidders attracted by the low SOB. When 50 bidders compete, the winning bid will be about twice as high as when only two bidders compete. Sometimes with an English auction there will be more than 50 bidders.

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Grass-fed cattle at auction, Walcha, NSW In an open auction participants may repeatedly bid and are aware of each other's previous bids. A chi-square distribution shows many low bids but few high bids. Bids "show up together"; without several low bids there will not be any high bids. Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first unique price or some other. Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought. Thoroughbred horses, where yearling horses and other bloodstock are auctioned.[40] 9 See also Vendor

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. [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) 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] 6.2 Chandelier bidding Proxy bid (aka absentee bid) Walrasian auction or Walrasian tâtonnement is an auction in which the auctioneer takes bids from both buyers and sellers in a market of multiple goods.[32] The auctioneer progressively either raises or drops the current proposed price depending on the bids of both buyers and sellers, the auction concluding when supply and demand exactly balance.[33] As a high price tends to dampen demand while a low price tends to increase demand, in theory there is a particular price somewhere in the middle where supply and demand will match.[32] [edit] Further readingKlemperer, Paul (2004), Auctions: Theory and Practice, Princeton, N.J.: Princeton University Press, ISBN 0-691-11925-2 Draft edition available online.