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Auction Services Fast Facts, Last Updated:09/06/2010 An auction is the process of buying
and selling things by offering them up for bid, taking bids,
and then selling the item to the highest bidder. In economic theory
an auction is a method for determining the value of a commodity
that has an undetermined or variable price. In some cases, there is
a minimum or reserve price; if the bidding does not reach
the minimum, there is no sale (but the person who puts the item up
for auction still owes a fee to the auctioneer). In the context of
auctions, a bid is an offered price. |
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