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An auction is basically a public sale wherein any object is sold to the highest bidder. It can be defined as a process of purchasing and selling things by offering them up for bid, taking bids and selling the things out to the highest bidder. This is what is generally the case. However, a sale to the lowest bidder may also take place, in cases where land is sold for non-payment of taxes to anyone willing to take it for the shortest term; or where a contract is offered to an individual or party willing to take it for the shortest term; or where a contract is offered to an individual or party willing to perform it at the lowest price. Such cases too seem to fairly come under the purview of the term 'auction'.
In case of auction the seller presents the products on a public platform. The selling price of the products are determined by the bids or offers of buyers interested in buying them based on their individual estimation of value of and need of the products. The person offering the highest bid at closing of auction receives the right to purchase the products at the bid price. The winner of the bid is normally legally bound to buy the item auctioned. In recent times auctions have been conducted online.
The benefits of auction are many. Some of the significant advantages are:
a) The auctioned item fetches the highest price in the given situation. Thus, in a way there is the maximization or optimization of profit.
b) At an auction the goods are almost certainly disposed off after bidding by their sale to the highest bidder. Hence, this serves as the right podium for disposing or selling out of accumulated goods. Otherwise, business could have become stagnant due to the stocking of these goods. Certain items could also have perished (in case of perishable goods) or expired if not sold out in time.
c) In case of auctioning a variety of articles may come up for sale, which may not be otherwise available in the market. The buyer can get quite surprised by looking at a treasure trove of antique articles available at an auction.
d) An auction can also be considered as a method for estimating the value of certain commodities which have hitherto undetermined or variable prices.
BRONSON — Saturday IndyCar race fans and local fans of Scott Brayton, will get a chance to own a piece of history.Brayton, a Coldwater native, participating in ...
A mint condition original copy of Super Mario Bros. for the NES has sold for a whopping $100150 at an auction, making it one of the most expensive games ever ...
America's first gold rush took place in the Piedmont area of North Carolina and Georgia in the 1820s and '30s. The expanding economy of the region.
Taxpayers continue to spend millions of dollars to address vacant or abandoned properties in foreclosure [“$9M for 'zombie' homes,” News, Jan. 28].
Local auctioneer David Hall, who ran two local consignment companies, has been hit with another lawsuit regarding the operation of his National Book Auctions ...
Although Michigan law prevents government officials from participating in foreclosure auctions, the family of Wayne County Treasurer Eric Sabree took part in ...
With another round of January auctions behind us, we can now get a better look at how collector cars are selling and marvel at the prices they command.
32 Auctions in this week's paper. ** Indicates an auction ad appearing in this issue of the Wisconsin State Farmer. FRIDAY, FEBRUARY 15. Coleman, WI.
LAS VEGAS (KTNV) — Clark County's first government surplus auction of 2019 is just around the corner and the preview and pre-registration begin next week.
Bad weather continued to adversely affect some of Manitoba's cattle auctions during the early part of the week ended Feb. 8. Strong winds whipped up snow.
Did you forget to get your Valentine something? Or maybe your Valentine's Day present didn't hit it out of the ballpark? The federal government might be able to ...
Q: Hi Greg and I enjoy your columns and also watching the Mecum and Barrett-Jackson auctions on TV. I remember you once said you felt that the prices paid ...
Every auction is different, of course, but Scott White says it wasn't so surprising to see owners go aggressively after starting pitching in this one.
While working for the U.S. State Department some 20 years ago, Melvin Gamble was assigned to South Africa. Settling into their new post, Gamble told his wife ...
EUR/USD may be watching the Eurozone's industrial production data. Bond auctions in Italy and Germany will also be a key event to monitor as EU.
Here's a chance to own a piece of Rhode Island nightclub history. Items from Mardi Gras, JR's Fastlane, Mustang Sally's and Club 5 in Cranston are being sold ...
An auction Saturday in Lexington will offer artifacts tied to the family of Mary Todd Lincoln, the wife of the 16th president, including items once belonging to a ...
As politicians are poring over old yearbooks for any old indecencies, the College of William & Mary has started to do the same. College spokeswoman…
Officials say the vehicles come from places such as the Bay County Sheriff's Office, the Franklin County Sheriff's Office, and the City of Parker.
ROCHELLE — A vendors and crafters quarter auction will be held on Thursday, March 7 in Rochelle and proceeds will benefit the Vince Carney Community ...
Sacramento based artist David Garibaldi has been opening for KISS since they kicked off their world tour in January.
State Senator Monty Mason's fraternity, Pi Lambda Phi, was among Greek organizations to hold a "slave auction" as a fundraiser.
Most of these six Porsche 911 variants from the 1970s sold for low six figures, but those prices may soon pale as demand accelerates.
Stunning Coin a Historic Trophy of American Numismatics Legend Rare Coin Auctions is honored to have been consigned and is proud to offer one of the.
Year-on-year, the innovative auction firm doubled the number of European sales in 2018 LONDON, Feb. 15, 2019 /PRNewswire/ -- Luxury global property ...
BOSTON (CBS) – Somehow, didn't you think that Durgin Park would be around forever? After all, it's been serving food in Quincy Market since 1827. Actually ...
ST. LOUIS COUNTY – More than 90 properties were featured at the tax forfeited land auction at the Shriner's center in Hermantown. These auctions happen ...
The first 5G airwave license auction ended with the Federal Communications Commission receiving total winning bids of $702 million.
Riley Dolan's dream was to become an auctioneer.
A 1999 PGA Championship flag autographed by Tiger Woods is one of the rare collectibles that is part of the PGA REACH Collection, which will be unveiled for ...
The top 3 busiest suburbs for auctions this week are in New South Wales where Port Macquarie tops the list with 20 homes scheduled for auction. Lane Cove ...
Classics from the 1990s are in strong supply at the 2019 RM Sotheby's Amelia Island auction. Here are nine of our favorites from this year's sale.
Art from the Red Bank, Skerries and a boudoir grand piano.
Copart, an online auto auction business, has bought a former auto auction property in the Town of Evans for $3 million. Copart purchased the former home of ...
Mario Klingemann's “Memories of Passersby I” generates portraits using neural networks. But that's not what makes it art.
Mexico's renewables sector is reeling from the cancellation of an upcoming clean energy auction and the likely handing of power back to state entities.
Developer Michael D'Alessio, who pleaded guilty to fraud charges in November, sold multiple dev projects at bankruptcy auctions over the last few months.
Global wine auction sales at Sotheby's rose more than 50 per cent to US$98 million in 2018.
What: Antiques Auction. Where: Coral Gables Auction; 8500 SW 8 St. #256, Miami, FL 33144, United States. When: February 25; 08.00 pm GMT. Top lots of the ...
There were no official bids for the 140-year-old ship, the only surviving iron-hulled, four-masted ship of its kind in the world. Read More ...
Contracts and personal documents of some of baseball's greatest players are up for auction this month in New Hampshire.
NEW DELHI: Auctions for commercial coal mining may not take place soon as the country is entering the election mode, said a senior government official.
SCOTTSDALE, AZ (3TV/CBS5) -- More than 20 artists from the Scottsdale area are coming together this weekend for an art show that benefits a very worthy ...
We have the full 2019 mud sale season schedule for you. Take a look!
Online auctions are a great way to snag unique items, so we've compiled a list of 9 online auction sites that work similarly to eBay but offer a unique way for you ...
Georgia Tech women's basketball will host its annual Pink Game this Sunday, Feb. 17.
This Valentine's Day weekend, Oakland is brimming with family-friendly activities -- including a love-themed art exhibition hosted by young creatives and a ...
New Jersey Board of Public Utilities : * New Jersey regulators on Thursday approved the results of the state's 18th annual electricity Basic Generating *Service* ...
Most law enforcement auctions feature rather dull vehicles, but a 1991 Ferrari F40 seized from a California millionaire hammered sold this week at a U.S. ...
Last year, a Ford GT sold for $1.8 million at a Mecum Auction despite Ford requiring owners to keep their cars for two years. That won't happen again.
Sunday is the last day of the Barrett-Jackson auction and will feature the last round of high-powered collector cars.
WOODLAND — There's a lot to admire in The Columbian's offices.
While 2018 was a volatile year for Wall Street, it was a winning year for wine auctions. Bidders paid record prices for a host of rarities ranging from Domaine de ...
The official auction of the FUN Convention was conducted by Heritage during the middle of January at the Orange County Convention Center in Orlando, Florida ...
Contracts and personal documents of some of baseball's greatest players are up for auction this month in New Hampshire.
BENNINGTON — The School of Sacred Heart St. Francis de Sales invites everyone to this year's Wintertastic Celebration and Live Auction, on Saturday, March ...
Wayne County Treasurer Eric Sabree embraced two separate county reviews of his family's property purchases from his office's tax auction, he said in a ...
Everything must go, and go it will, when auctioning begins Saturday at the closed–down Mardi Gras nightclub in Cranston.
HERMANTOWN, MN (KDAL) - It was another successful Tax Forfeited Property Auction from St. Louis County on Thursday. 17 tax forfeited parcels sold for over ...
The Spenger maritime collection went to auction this past weekend, but the rarest items, including a 34.29-carat diamond and a rare Japanese vase from the ...
NOTICE IS HEREBY GIVEN that the following individuals are indebted to IncaAztec Self Storage for past due rent and other charges: ALEJANDRO BROWN, ...
Christie's is auctioning off a heart-shaped meteorite that crashed into Siberia's Sikhote-Alin mountains on Valentine's Day.
Arizona's collection of classic car auctions sold $251 million worth of cars during the past week, a total up about 1.2 percent increase from the previous year.
For less than the estimated $50 million it would cost to buy a draft of America's Declaration of Independence, autographs of virtually all the 56 signers are going ...
LIMA — The Shawnee High School Band Boosters will hold a quarter auction at 1 p.m. Saturday, Feb. 16, at Apollo Career Center, 3325 Shawnee Road, Lim.
The Rotary Club of China Lake will host the annual Scholarship Dinner and Auction on Saturday, March 18, 2019. This is the major fundraiser for the ...
New Holland, Pa .Feb. 14, 2019Report Supplied by USDA.
Woodmere estate in Ligonier, once listed for $7.5 million, sold for under $5.2 million at a no reserve auction held in Chicago.
RITTMAN — Rittman All Sports Booster Club held its second annual cake auction on Feb. 2, during the boys home basketball game, and it turned out to be even ...
A piece of President Donald and first lady Melania Trump's wedding day could be yours, as a wedding cake favor from the couple's January 2005 nuptials has ...
A German auction house has been forced to pull several paintings attributed to Adolf Hitler just days before they were due to be put up for sale.
Five paintings believed to be created by Adolf Hitler failed to sell at a German auction amid public outrage and accusations of forgery over the weekend.
Georges St-Pierre has parted with one of his many UFC championship belts, but not without cashing a hefty check. The Canadian Museum of History revealed ...
France Italy cross border power capacity values for March rose 17% year on year to Eur7.47/MWh the highest in six months in auctions held by the Joint ...
Beach Hardware, a generational business and fixture in Buckroe Heights for six decades, has cut its last key, sold its last fuse. The business, which had not been ...
Music lovers from all around will gather at Nuçi's Space on Saturday, Feb. 16, from 1- 4 p.m. for the Drive-By Truckers' homecoming pre-party and silent auction.
One of Arizona's priciest homes — a 31000-square-foot Paradise Valley mansion listed for $35 million — drew a top bid of $14 million on Jan. 31.
David Gilmour's 1969 Black Fender Stratocaster has earned its place in rock'n'roll history. Known as 'The Black Strat', the guitar was purchased in 1970 at ...
Five paintings purportedly made by genocidal dictator Adolf Hitler failed to find any buyers at a weekend auction in Nuremberg, Germany, amid concerns about ...
A lock of hair from founding father George Washington is set to go up for auction next month and experts believe it could fetch a pretty penny.
The infamous black Ferrari F40 crashed long ago and then put back together by Gas Monkey Garage has just sold again—though this time it traded hands at a ...
A four-bedroom, six-bathroom home in Kennedale is set to hit the auction block without reserve. The Tarrant County estate is spread over 4.97 acres and is ...
After being “temporarily suspended” in early December, Mexico's fourth long-term energy auction has been cancelled. The government said the action was ...
Attendees of the annual Hosparus Health of Central Kentucky Tea and Auction will be able to sip, bid and decorate for a good cause next month at Pritchard ...
SAT., FEB. 16 - 10 a.m. at Indian Springs Golf Course, 21347 IL Rt. 185, 6 mi. E. of Coffeen, Fillmore. Coin auction feat. gold, silver, key dates, complete sets ...
Sotheby's New York announced today that its Contemporary Art Evening auction this May will feature an important work from the collection of the San Francisco ...
Plus, the New Orleans Museum of Art acquires 26 new works for its sculpture garden, and an Ebony G. Patterson tapestry joins the Pérez Museum of Art Miami ...
Six Flags AstroWorld memorabilia auction opens up to public.
A Feb. 16 auction will benefit the Pregnancy Resource Center of South Central Missouri.
A souvenir wedding cake from President Trump and first lady Melania Trump's 2005 wedding was bought by an artist last week for $1800.
Owner Brad Grant said the four majority owners of Atlanta are united in selling the star trotter on OnGait.com in the hopes of retaining her without her troubled ...
Browse and find rare collectible Urban Art in upcoming auctions featuring artists such as Shepard Fairey, Banksy, KAWS and Mr. Brainwash. Use our extensive ...
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