Auction Information

Auction and Its Benefits


An auction is basically a public sale wherein any object issold 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.

Author bio:
Author: Kellin
http://www.autocastle.com/
http://www.autocastle.com/dealers.asp


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


Thailand's PTTEP Q1 profits rise, prepares for gas auctions | Reuters
Reuters
Thailand's PTT Exploration andProduction Pcl said on Thursday first-quarter netprofit rose 21 percent as revenue increased on higher energyprices and that it was seeking growth through the acquisition ofnew assets.

and more »


CNBC

Modigliani nude expected to lead spring art auctions with record price of $150 million
CNBC
Sotheby's on Tuesday unveiled a painting by Amedeo Modigliani that's expected to fetch more than $150 million at next month's auction, making it one of the most expensive ever to go under the hammer. The painting, called "Nu couche (sur le cote gauche ...

and more »


New York Post

JFK's rocking chair is up for auction
New York Post
“This offered American Flag, in our opinion, the most likely and convincingly documented to be THE flag that was anchored to the right side of the hood of the President's limousine,” according to Goldin Auctions. The 28-by-19-inch flag featuring yellow ...

and more »


Cleveland Jewish News

Auction newbies take note: do your research
Cleveland Jewish News
Many people watch antique auction shows on television, but few understand the process. According to Vincent Olivares, co-owner of Not Your Mother's Estate Sale in Valley View, and Carrie Pinney, business manager at Cowan's Auctions in Warrensville ...



Park Cities People

Vaughn Mansion Auction Draws Interest
Park Cities People
It didn't sell at auction—starting bid was $2.9 million—but the event stirred lots of interest. In early April, a potential buyer was in negotiations with the heirs of the last owner—late Dallas developer Allan Zidell. “The auction did exactly what ...

and more »


US District Court Denies Concierge Auctions' Motion to Dismiss Case of Appel vs. Concierge Auctions, LLC
Business Wire (press release)
SAN DIEGO--(BUSINESS WIRE)--The United States District Court for the Southern District of California has issued an order on Concierge Auction's motion to compel in the case of Howard Appel and David Cohen vs. Concierge Auctions, LLC (Case No. 17-cv ...

and more »


Reuters

Han Solo's hero blaster 'Jedi' movie gun up for auction
Reuters
Ford is seen using the hero blaster in many scenes from “Return of the Jedi,” and the powerful weapon, like the lightsaber, is among the best known movie props from the sci-fi franchise. The hero blaster up for auction in June is being sold for the ...
Han Solo's Return of the Jedi Blaster going up for auctionSyfy Wire

all 71 news articles »


Iraqi News

Central Bank of Iraq Auctions $197457640 on 26 April 2018
Iraqi News
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on April 26 registered $197,457,640 in sales, a 21.58% volume increase from the US $162,405,813 sold by Iraqi Dinar, credit and transfer at the previous auction held on April 25 ...



Upstream Online

Thailand's PTTEP 1Q Profits Rise, Prepares For Gas Auctions
Rigzone
BANGKOK, April 26 (Reuters) - Thailand's PTT Exploration and Production Pcl said on Thursday first-quarter net profit rose 21 percent as revenue increased on higher energy prices and that it was seeking growth through the acquisition of new assets. The ...
Thai fields auction under wayUpstream Online

all 5 news articles »


Midland Reporter-Telegram

Good things: Martha Stewart's studio props hitting Beverly auction block
Eagle-Tribune
The auction is scheduled for Saturday and Sunday, May 5 and 6, at Kaminski Auction's headquarters, at 117 Elliott St. Kaminski said he met with Stewart's staff last November in New York. “We went to the prop section and on my way, there were all these ...
Martha Stewart's studio props up for auctionMidland Reporter-Telegram

all 8 news articles »

Google News

home | site map
© 2006