150 Art, Car, Jewellery, Watch, Wine (Online) Auctions

"I got [Muhammad Ali's boxing shorts] for $40 at an auction. Nobody wanted them. I have them framed in my house. " - Christopher Walken.

An AUCTION is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory.

The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically.

Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, and many more.

An AUCTION HOUSE is a business establishment that facilitates the buying and selling of assets, such as works of art and collectibles. The auction house is the physical facility where the objects are catalogued, displayed, and presented to the perspective buyers through a bidding process system. The private individual or company managing the house, usually offer services such as clearances, collection of items, shipping, while also advising through valuations, and on fixing reserve amounts. Two auction houses emerged in eighteenth-century England that persisted leading the market. Initially specializing in the auctioning of books and literary goods, Sotheby's was founded in 1744, and in 1766 Christie's opened by auctioning paintings and decorative arts.

One of the most relevant roles within an auction house is the AUCTIONEER, who has the task of conducting the actual auction. The auctioneer declares the rules of the auction, inform the sequence of items being sold, acknowledges bids made, and announces the winner by tapping a gavel. Auctioneers may or may not (depending on the laws of the jurisdiction and the policies of the auction house) bid for their own account, or if they do, must disclose this to bidders at the auction; similar rules may apply for employees of the auctioneer or the auction house.

An ONLINE AUCTION (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules.

The largest consumer-to-consumer online auction site is eBay, which researchers suggest is popular because it is a convenient, efficient, and effective method for buying and selling goods. Despite the benefits of online auctions, the anonymity of the internet, the large market, and the ease of access makes online auction fraud easier than in traditional auctions. The Federal Trade Commission (FTC) categorizes online auction fraud reports with online shopping categories.

Auction News & Resources

• Auction - Wikipedia.
• Auction house - Wikipedia.
• Auto auction - Wikipedia.
• Bidding - Wikipedia.
• Online auction - Wikipedia.
• Peter Wilson: The man who invented modern auctioneering - (1913-1984). "The first jet set auctioneer." Buccaneering, brilliant, art-loving—he created the power of Sotheby’s (and Christie’s learned by imitation).

Top 150 Art, Car, Jewellery, Watch & Wine Auctions