SALIENT FEATURES OF AUCTION

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UNIT-4

CHAPTER-8

AUCTION

WHAT IS AN AUCTION?
• Auction is an process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. An auction is generally an event in which goods are sold to the highest bidder. By being open to the public, an auction ensures a wide range of bids, and sometimes items at auction can fetch surprisingly high prices. The bidders, in turn, create their own market, determining on an individual basis how much they want to pay for an item, rather than having prices dictated by the seller.
• Its a billion dollar industry and emerging on and on as there are many industries, countries and places or domains where auctions are not used.
• An auction is generally an event in which goods are sold to the highest bidder. By being open to the public, an auction ensures a wide range of bids, and sometimes items at auction can fetch surprisingly high prices. The bidders, in turn, create their own market, determining on an individual basis how much they want to pay for an item, rather than having prices dictated by the seller. There are a number of types of auctions performed around the world.
• Auctions are used to sell many things in addition to antiques and art. All around the world there are auctions of commodities such as tobacco, fish, cattle, racehorses, and just about anything else where there’s a market of multiple people interested in buying ……………….