Auction
A method of selling in which goods, securities, rights, etc., are sold in public to the highest bidder. In an English auction, the potential buyers make bids, and the highest bid is accepted. In a Dutch auction, the price begins high and is gradually lowered until a buyer agrees to pay it. Auctions are also used to sell government debt and many diverse financial obligations [Law, p. 22]. A sale where the price is fixed by an auctioneer who invites bids and awards the article being auctioned to the highest bidder. In an English auction, the highest bid is publicly announced at each stage, and other parties can make higher bids. In a sealed-bid auction, the bids are not publicly announced: each bid is submitted sealed, and a time limit is set at which the auctioneer opens the bids and awards the article to the highest bidder without further bids being invited [Black, Hashimzade, Myles, p. 23]. The auction in person may leave a commission bid with the auctioneer before the auction. They are willing to pay this price (effectively a maximum bid) for the item, and the auctioneer can then include their bids within the auction. However, commission bids are now less common, with more auctions being streamed live on the internet (allowing online bidders to offer live bids within the auction itself) [Manley, Foot, Davis, p. 19]. A public sale in which property or merchandise items are sold to the highest bidder. One of the oldest and most direct forms of marketing in which the price is neither set nor arrived at by negotiation but is arrived at through competitive, open bidding. Traditionally, this activity is done in a public room with a professional auctioneer. Increasingly, auctions are now conducted online without a public auctioneer. The goods and services (from air travel to legal advice) may be offered for bidding by anyone from anywhere and at any time [Doyle, p. 24].
Doyle, C. (2016). A Dictionary of Marketing (4 ed.) Oxford: Oxford University Press.
Manley, W., Foot, K., Davis, A. (2019). Agriculture and land management. A Dictionary of Agriculture and Land Management. Retrieved from https://doi.org/10.1093/acref/9780199654406.001.0001
Black, J., Hashimzade, N., Myles, G. (2017). A Dictionary of Economics. Oxford: Oxford University Press
Law, J. (2018). A Dictionary of Finance and Banking (6 ed.) Oxford: Oxford University Press.