Auction

auctioneerauction houseauctionssilent auctionauction housesauctioneersauctionedauction blocksilentAuctions, Valuations
An auction is a 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.wikipedia
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Dutch auction

clockdescending auctiondutch auction system
In a Dutch auction, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. Sealed first-price auction or blind auction, also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted. This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly. From the theoretical perspective, this kind of bid process has been argued to be strategically equivalent to the Dutch auction. However, empirical evidence from laboratory experiments has shown that Dutch auctions with high clock speeds yield lower prices than FPSB auctions. What are effectively sealed first-price auctions are commonly called tendering for procurement by companies and organisations, particularly for government contracts and auctions for mining leases.
A Dutch auction is one of several similar kinds of auctions.

Spectrum auction

auctionFCC Spectrum auctionspectrum auctions
While auctions are most associated in the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for commodities, livestock, radio spectrum and used cars.
A spectrum auction is a process whereby a government uses an auction system to sell the rights (licenses) to transmit signals over specific bands of the electromagnetic spectrum and to assign scarce spectrum resources.

Wine auction

wine auctionsauctionauctioned off
While auctions are most associated in the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for commodities, livestock, radio spectrum and used cars.
A wine auction is an auction devoted to wine, sometimes in combination with other alcoholic beverages.

Bidding

bidbidderbidders
An auction is a 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.
In the context of auctions, stock exchange, or real estate the price offer a business or individual is willing to pay is called a bid.

Christie's

Christie’sChristie's Auction HouseChristie's New York
Christie's, now the world's largest auction house, was founded by James Christie in 1766 in London and published its first auction catalog in that year, although newspaper advertisements of Christie's sales dating from 1759 have been found.
Christie's is a British auction house.

Sotheby's

Sotheby’sSotheby's New YorkSotheby's Auction House
Sotheby's, currently the world's second-largest auction house, was founded in London on 11 March 1744, when Samuel Baker presided over the disposal of "several hundred scarce and valuable" books from the library of an acquaintance.
One of the world's largest brokers of fine and decorative art, jewelry, real estate, and collectibles, Sotheby's operation is divided into three segments: auction, finance, and dealer.

Dorotheum

Dorotheum Vienna
Other early auction houses that are still in operation include Dorotheum (1707), Mallams (1788), Bonhams (1793), Phillips de Pury & Company (1796), Freeman's (1805) and Lyon & Turnbull (1826).
The Dorotheum, established in 1707, is one of the world's oldest auction houses.

Phillips (auctioneers)

PhillipsPhillips de Pury & CompanyPhillips de Pury
Other early auction houses that are still in operation include Dorotheum (1707), Mallams (1788), Bonhams (1793), Phillips de Pury & Company (1796), Freeman's (1805) and Lyon & Turnbull (1826).
Phillips, formerly known as Phillips the Auctioneers (briefly as Phillips de Pury), is a British auction house.

Lyon & Turnbull

Other early auction houses that are still in operation include Dorotheum (1707), Mallams (1788), Bonhams (1793), Phillips de Pury & Company (1796), Freeman's (1805) and Lyon & Turnbull (1826).
Lyon & Turnbull is a privately owned international auction house based in Scotland.

Auction catalog

cataloguecatalog
These auctions were held daily, and auction catalogs were printed to announce available items.
An auction catalog (US spelling) or auction catalogue (British spelling) is a catalogue that lists items to be sold at an auction.

Stockholms Auktionsverk

Stockholm Auction HouseStockholms Auctions- och Adresse Cammare
The first known auction house in the world was Stockholm Auction House, Sweden (Stockholms Auktionsverk), founded by Baron Claes Rålamb in 1674.
Stockholms Auktionsverk (Swedish for "Stockholm's Auction House"), founded in 1674 in Sweden, is the world's oldest auction house.

Vickrey auction

second-price auctionsecond price auctionsealed-bid second-price auction
Vickrey auction, also known as a sealed-bid second-price auction. This is identical to the sealed first-price auction except that the winning bidder pays the second-highest bid rather than his or her own. Vickrey auctions are extremely important in auction theory, and commonly used in automated contexts such as real-time bidding for online advertising, but rarely in non-automated contexts.
A Vickrey auction is a type of sealed-bid auction.

First-price sealed-bid auction

blind auctionfirst price auctionfirst-price auction
Sealed first-price auction or blind auction, also known as a first-price sealed-bid auction (FPSB). In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted. This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly. From the theoretical perspective, this kind of bid process has been argued to be strategically equivalent to the Dutch auction. However, empirical evidence from laboratory experiments has shown that Dutch auctions with high clock speeds yield lower prices than FPSB auctions. What are effectively sealed first-price auctions are commonly called tendering for procurement by companies and organisations, particularly for government contracts and auctions for mining leases.
A first-price sealed-bid auction (FPSBA) is a common type of auction.

English auction

auctionascending auctionbidding open
English auction, also known as an open ascending price auction. This type of auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. In some cases a maximum bid might be left with the auctioneer, who may bid on behalf of the bidder according to the bidder's instructions. The auction ends when no participant is willing to bid further, at which point the highest bidder pays their bid. Alternatively, if the seller has set a minimum sale price in advance (the 'reserve' price) and the final bid does not reach that price the item remains unsold. Sometimes the auctioneer sets a minimum amount by which the next bid must exceed the current highest bid. The most significant distinguishing factor of this auction type is that the current highest bid is always available to potential bidders. The English auction is commonly used for selling goods, most prominently antiques and artwork, but also secondhand goods and real estate.
An English auction is an open-outcry ascending dynamic auction.

Reverse auction

reverse auctionseAuctionslowest bid
Reverse auction is a type of auction in which the roles of the buyer and the seller are reversed, with the primary objective to drive purchase prices downward. While ordinary auctions provide suppliers the opportunity to find the best price among interested buyers, reverse auctions give buyers a chance to find the lowest-price supplier. During a reverse auction, suppliers may submit multiple offers, usually as a response to competing suppliers’ offers, bidding down the price of a good or service to the lowest price they are willing to receive. By revealing the competing bids in real time to every participating supplier, reverse auctions promote “information transparency”. This, coupled with the dynamic bidding process, improves the chances of reaching the fair market value of the item.
A reverse auction is a type of auction in which the roles of buyer and seller are reversed.

Japanese auction

Japanese auction is a variation of the English auction. When the bidding starts no new bidders can join, and each bidder must continue to bid each round or drop out. It has similarities to the ante in Poker.
A Japanese auction (also called ascending clock auction ) is a dynamic auction format.

Combinatorial auction

combinatorial clock roundscombinatorial double auctions
Combinatorial auction is any auction for the simultaneous sale of more than one item where bidders can place bids on an "all-or-nothing" basis on "packages" rather than just individual items. That is, a bidder can specify that he or she will pay for items A and B, but only if he or she gets both. In combinatorial auctions, determining the winning bidder(s) can be a complex process where even the bidder with the highest individual bid is not guaranteed to win. For example, in an auction with four items (W, X, Y and Z), if Bidder A offers $50 for items W & Y, Bidder B offers $30 for items W & X, Bidder C offers $5 for items X & Z and Bidder D offers $30 for items Y & Z, the winners will be Bidders B & D while Bidder A misses out because the combined bids of Bidders B & D is higher ($60) than for Bidders A and C ($55).
Simple combinatorial auctions have been used for many years in estate auctions, where a common procedure is to accept bids for packages of items.

Police auction

police auctions
Police auctions are generally held at general auctions although some forces use online sites including eBay to dispose of lost and found and seized goods.
A police auction is an auction of goods which have been confiscated by the police and cannot or may not be returned to their original owners.

Unique bid auction

blind auctionsmobile reverse auctionthe lowest bid
Unique bid auctions
A unique bid auction is a type of strategy game related to traditional auctions where the winner is usually the individual with the lowest unique bid, although less commonly the auction rules may specify that the highest unique bid is the winner.

Livestock

farm animalsfarm animalstock
While auctions are most associated in the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for commodities, livestock, radio spectrum and used cars.
Local and regional livestock auctions and commodity markets facilitate trade in livestock.

Common value auction

common valueinterdependent values
Other auctions: Other auction types also exist, such as Simultaneous Ascending Auction Anglo-Dutch auction, Private value auction, Common value auction
A classic example of a pure common values auction is when a jar full of quarters is auctioned off.

All-pay auction

all-payTullock lottery
All-pay auction is an auction in which all bidders must pay their bids regardless of whether they win. The highest bidder wins the item. All-pay auctions are primarily of academic interest, and may be used to model lobbying or bribery (bids are political contributions) or competitions such as a running race.
In economics and game theory, an all-pay auction is an auction in which every bidder must pay regardless of whether they win the prize, which is awarded to the highest bidder as in a conventional auction.

Multiunit auction

uniform price auctionCall marketdiscriminatory price auction
Multiunit auctions sell more than one identical item at the same time, rather than having separate auctions for each. This type can be further classified as either a uniform price auction or a discriminatory price auction.
A multiunit auction is an auction in which several items are sold.

Double auction

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In a double auction n buyers bid to buy goods from m sellers
A double auction is a process of buying and selling goods when potential buyers submit their bids and potential sellers simultaneously submit their ask prices to an auctioneer, and then an auctioneer chooses some price p that clears the market: all the sellers who asked less than p sell and all buyers who bid more than p buy at this price p.

Walrasian auction

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Walrasian auction or Walrasian tâtonnement is an auction in which the auctioneer takes bids from both buyers and sellers in a market of multiple goods. The auctioneer progressively either raises or drops the current proposed price depending on the bids of both buyers and sellers, the auction concluding when supply and demand exactly balance. As a high price tends to dampen demand while a low price tends to increase demand, in theory there is a particular price somewhere in the middle where supply and demand will match.
A Walrasian auction, introduced by Léon Walras, is a type of simultaneous auction where each agent calculates its demand for the good at every possible price and submits this to an auctioneer.