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How Do You Define An Auction?

By Christy Lyons

Have you ever wondered what exactly is up with auctions? Want a simple explanation? This informative report provides the most basic – simple to understand – information available on auctions.

If you don’t have accurate details regarding auctions, then you might make a bad choice when bidding in one. Try not to let that happen to you and just keep reading.

An auction in the process of buying and selling items by offering them up for bid, taking bids, and then selling the item to the highest bidder is the most basic explanation. Auctions are also used for determining the value of an item.

Did you know that auctions can be setup with/without reserve or minimum, or as absolute?

Reserve auctions generally have a minimum bid or reserve price. There is no sale if the bidding does not reach the minimum. Still, it is possible that the seller may owe the auctioneer their fee.

In absolute or no reserve auctions, with only the price left to be determined, the sale is guaranteed. A bid is an offered price in the context of auctions.

Are you aware that almost anything can be sold at an auction? Here are some typical items that can be sold at auctions.

Antiques. The antique business is where they serve as social occasions and entertainment in the sale of collectibles such as stamps, coins, classic cars and fine art aside from being an opportunity for trade.

Luxury Real Estate. All types of real property such as residential and commercial real estate, farms, vacant lots and land are included in luxury real estate sales.

Other items sold at auctions include.

Companies purchase licenses to use portions of the electromagnetic spectrum for communications such as for cell phone networks in spectrum.

Timber is where companies purchase licenses to log on government land.

Electricity is where large-scale generators and consumers of electricity bid on generating contracts.

Companies bid for licenses to avoid being required to decrease their environmental impact in environmental.

Debt auctions, in which governments sell debt instruments, such as bonds, to investors. This type of auction is usually sealed and the uniform price paid by the investors is typically the best non-winning bid.

Other things you need to remember are police auctions, insurance auctions and used car auctions which are very popular. Internet auctions are also hot. eBay is considered as the world’s largest auction site. eBay is also known as the source of millions of dollars worth of profits that are made from todays most popular auction.

When it comes to auctions, there are a lot of things you need to understand. While we are able to provide you with some basic facts above, there is still plenty more you can learn about auctions.

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Article Citation
MLA Style Citation:
Lyons, Christy "How Do You Define An Auction?." How Do You Define An Auction?. 7 Feb. 2012. 21 Dec 2014 <>.

APA Style Citation:
Lyons, C (2012, February 7). How Do You Define An Auction?. Retrieved December 21, 2014, from

Chicago Style Citation:
Lyons, Christy "How Do You Define An Auction?"

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