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auctions. Auctioned items. Auction information. Worldwide
Participants bid openly against one another, with each
bid being higher than the previous bid. The auction ends
when no participant is willing to bid further, or when a
pre-determined "buy-out" price is reached, at
which point the highest bidder pays the price. The seller
may set a 'reserve' price and if the auction fails to
have a bid equal to or higher than the reserve, the item
A type of raffle.
Traditionally in Dutch auctions the auctioneer begins
with a high asking price, which is lowered until some
participant is willing to accept the auctioneer's price,
or a predetermined minimum price is reached. The winning
participant pays the last announced price.
Dutch auction is also used to describe online auctions
where several identical goods are sold simultaneously to
an equal number of high bidders. Economists call this a
multi-unit English ascending auction.
Sealed-bid first-price auction. (Sealed High-Bid Auction,
First-Price Sealed-Bid Auction)
In this type of auction all bidders simultaneously submit
bids so that no bidder knows the bid of any other
participant. The highest bidder pays the price they
Sealed-bid second-price auction. (Vickrey auction)
This is identical to the sealed first-price auction,
except the winning bidder pays the second highest bid
rather than their own.
An auction in which all bidders must pay their bids
regardless of whether they win the prize. The highest
bidder wins the prize. The all-pay auction is often used
A variant of an English auction, where bids are written
on a sheet of paper, and at the predetermined end of the
auction, the highest listed bidder wins the prize. Often
used in charity events, and many items may be auctioned
simultaneously. Participants submit bids normally on
paper, near the item. Other variations of this type of
auction may include sealed bids. The highest bidder pays
the price they submitted.
Digital art auction.
Designed for unreleased works that can be reproduced at
zero cost. Bidders openly submit their maximum bids,
which may be adjusted or withdrawn at any time. The
seller may review the bids and close with a price of
their choosing at any time. The successful bidders that
pay this price are those whose bid meets or exceeds it,
and these are the only bidders who receive a copy of the
Open outcry auction.
Any auction where the auction is conducted orally for
people to hear. This type of auction also refers to what
is used in stock exchanges and commodity exchanges, where
trading occurs on a trading floor and traders may enter
verbal bids and offers simultaneously. Transactions may
take place simultaneously at different places in the
trading pit or ring. This type of auction is being
replaced by electronic trading platforms.
Unique bid auction.
Users post blind bids and are given a range of prices
they can place a bid in, often a capped limit. The
highest, or lowest, unique bid wins. For instance an
auction is given a maximum bid of 15. If the top four
bids are 15, 15, 14, 13 then 14 would be the winner being
the highest unique bid. This a popular online type of
Buy-out auction. (Buy it now)
This auction has a predetermined buy-out price in which
the bidder can end the auction by accepting the buy-out
price. The buy-out price is set by the seller. The bidder
can choose to bid or use the buy-out option. If no bidder
chooses to utilize the buy-out option, the auction ends
with the highest bidder winning the auction.
Bidders can place bids on combinations of items, rather
than just individual items.
Absolute auction. (Unreserved Auction, No-reserve
Auction, Auction Without Reserve)
An auction with no minimum bid amount, no set starting
bid, no seller confirmation of the high bid price, and no
buybacks of the property being offered by the seller. The
highest bidder will purchase the property no matter the
high bid price. This type of auction is designed to
attract the maximum participation from the buying public
as the seller has committed to convey their property to
the highest bidder without limitation.
The identities of the bidders are hidden, so anyone that
buys the item can remain anonymous. This is normally done
for either security reasons or to avoid embarrassment.
The bidders identities are not hidden and anyone is
welcome to attend the auction.
Exchange auction. (Commodity auctions, Exchange-commodity
These are the most closed to new participants. The
participants include a number of core professional
buyers, who monitor each other to ensure that no one is
cheating on the community
For art and one of a kind items.
For collectibles, cars or machinery.
A type of auction in which the role of the buyer and
seller are reversed, with the primary objective to drive
purchase prices downward. In an ordinary auction, a
forward auction, buyers compete to obtain a good or
service. In a reverse auction, sellers compete to obtain