An auction is a process of buying and selling Trade is the voluntary exchange of goods, services, or both. Trade is also called commerce or transaction. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals , bill, paper money. Modern traders instead goods In macroeconomics and accounting, a good is contrasted with a service. In this sense, a good is defined as a physical product, capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, say an apple, as opposed to an (intangible) service, say a haircut. A more general term that preserves the or services A service is the intangible equivalent of a good. Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of the thing purchased. The benefits of such a service, if priced, are held to be self-evident in the buyers willingness to pay for it. Public services are by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic, an auction may refer to any mechanism or set of trading rules for exchange.

There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission The payment of commission as remuneration for services rendered or products sold is a common way to reward sales people. Payments often will be calculated on the basis of a percentage of the goods sold. This is a way for firms to solve the principal-agent problem, by attempting to realign employees interests with those of the firm to the auctioneer or auction company based on a percentage of the final sale price.

Contents

History of the auction

Artemis Artemis was one of the most widely venerated of the Ancient Greek deities. Some scholars believe that the name, and indeed the goddess herself, was originally pre-Greek. Homer refers to her as Artemis Agrotera, Potnia Theron < Artemis of the wildland, Mistress of Animals". In the classical period of Greek mythology, Artemis (Greek: Ἄρτ, Ancient Greek marble sculpture. In 2007, a Roman-era Roman art includes the visual arts produced in Ancient Rome, and in the territories of the Roman empire. Major forms of Roman art are architecture, painting, sculpture and mosaic work. Metal-work, coin-die and gem engraving, ivory carvings, figurine glass, pottery, and miniature book illustrations are sometimes considered in modern terms to be bronze sculpture Bronze is the most popular metal for cast metal sculptures; a cast bronze sculpture is often called simply a "bronze" of "Artemis and the Stag" was sold at Sotheby's The oldest auction house in operation is the Stockholms Auktionsverk founded in 1674, the second oldest is Göteborgs Auktionsverk founded in 1681 and third oldest being Uppsala Auktionskammare founded in 1731, all Swedish. Sotheby's predecessor, Baker's, was founded in London, England on 11 March 1744 when Samuel Baker presided over the disposal in New York for US$ The United States dollar is the official currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents28.6 million, by far exceeding its estimates and setting the new record as the most expensive sculpture as well as work from antiquity ever sold at auction.[1][2] An 18th century Chinese meiping porcelain vase. Porcelain Porcelain is a ceramic material made by heating raw materials, generally including clay in the form of kaolin, in a kiln to temperatures between 1,200 °C and 1,400 °C (2,552 °F). The toughness, strength, and translucence of porcelain arise mainly from the formation of glass and the mineral mullite within the fired body at these high has long been a staple at art sales. In 2005, a 14th century Chinese porcelain piece was sold by the Christie's The official company literature states that founder James Christie conducted the first sale in London, England on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766. However, other sources note that James Christie rented auction rooms from 1762, and newspaper advertisements of Christie's sales dating from for £ The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence (singular: penny)15.68 million, or $ The United States dollar is the official currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents30.6 million. It set a world auction record for any ceramic work of art.[3]

The word "auction" is derived from the Latin augēre, which means "to increase" or "augment".[4]

For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities. In practice, both haggling Bargaining or haggling is a type of negotiation in which the buyer and seller of a good or service dispute the price which will be paid and the exact nature of the transaction that will take place, and eventually come to an agreement. Bargaining is an alternative pricing strategy to fixed prices. Optimally, if it costs the retailer nothing to and sale by set-price have been significantly more common.[5] Indeed, prior to the seventeenth century the few auctions that were held were sporadic and infrequent.[6]

Nonetheless, auctions have a long history, having been recorded as early as 500 B.C.[7] According to Herodotus, in Babylon Babylon was a city-state of ancient Mesopotamia, the remains of which are found in present-day Al Hillah, Babil Province, Iraq, about 85 kilometers (55 mi) south of Baghdad. All that remains of the original ancient famed city of Babylon today is a mound, or tell, of broken mud-brick buildings and debris in the fertile Mesopotamian plain between auctions of women for marriage Marriage is a social union or legal contract between individuals that creates kinship. It is an institution in which interpersonal relationships, usually intimate and sexual, are acknowledged in a variety of ways, depending on the culture or subculture in which it is found. Such a union may also be called matrimony, while the ceremony that marks were held annually. The auctions began with the woman the auctioneer considered to be the most beautiful and progressed to the least. It was considered illegal to allow a daughter to be sold outside of the auction method.[6]

During the Roman Empire The Roman Empire was the post-Republican phase of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean. The term is used to describe the Roman state during and after the time of the first emperor, Augustus, following military victory, Roman soldiers would often drive a spear into the ground around which the spoils of war were left, to be auctioned off. Later slaves, often captured as the "spoils of war", were auctioned in the forum under the sign of the spear, with the proceeds of sale going towards the war effort.[6].

The Romans also used auctions to liquidate In law, liquidation is the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or the assets of debtors whose property had been confiscated.[8] For example, Marcus Aurelius Marcus Aurelius Antoninus Augustus[notes 1] was Roman emperor from 161 to his death in 180. He ruled with Lucius Verus as co-emperor from 161 until Lucius' death in 169. He was the last of the "Five Good Emperors", and is also considered one of the most important Stoic philosophers. His tenure was marked by wars in Asia against a sold household furniture to pay off debts, the sales lasting for months.[9] One of the most significant historical auctions occurred in the year 193 A.D. when the entire Roman Empire was put on the auction block by the Praetorian Guard The Praetorian Guard was a force of bodyguards used by Roman Emperors. Before being appropriated for the use of the Emperors' personal guards, the title was used for the guards of Roman generals, at least since the rise to prominence of the Scipio family around 275 BC. The Guard was dissolved by Emperor Constantine I in the fourth century AD. On March 23 The Praetorian Guard first killed emperor Pertinax Publius Helvius Pertinax, commonly known as Pertinax , was a Roman emperor who briefly reigned from December 31, 192 until his death on March 28, 193. He was emperor for only 86 days. He is known as the first emperor of the tumultuous Year of the Five Emperors. Upon his death, he was succeeded by Didius Julianus, whose reign was similarly short-, then offered the empire to the highest bidder. Didius Julianus Marcus Didius Severus Julianus was briefly Roman Emperor from 28 March 193 to 1 June 193. He ascended the throne after buying it from the Praetorian Guard, who had assassinated his predecessor Pertinax. This led to the Roman Civil War of 193–197. Julianus was ousted and sentenced to death by his successor, Septimius Severus outbid everyone else for the price of 6,250 drachmas per Guard[citation needed], an act that initiated a brief civil war. Didius was then beheaded Decapitation is the separation of the head from the body. Beheading typically refers to the act of intentional decapitation, e.g., as a means of murder or execution; it may be accomplished, for example, with an axe, sword, knife, wire, or by means of a guillotine. Ritualistic decapitation after execution by some other means, sometimes followed by two months later when Septimius Severus Lucius Septimius Severus (11 April 145 – 4 February 211) was a Roman Emperor who reigned from 14 April 193 until his death in 211. Severus was the first emperor of the troubled Severan dynasty, the last imperial dynasty of the Roman principate before the Crisis of the Third Century. The Severan house included the emperors Septimius Severus, his conquered Rome.[8]

From the end of the Roman Empire to the eighteenth century auctions lost favor in Europe,[8] while they had never been widespread in Asia.[6]

In some parts of England during the seventeenth and eighteenth centuries auction by candle An English auction is a type of auction, whose most typical form[clarification needed] is the "open outcry" auction. The auctioneer opens the auction by announcing a Suggested Opening Bid, a starting price or reserve for the item on sale and then accepts increasingly higher bids from the floor consisting of buyers with a possible was used for the sale of goods and leaseholds. This auction began by lighting a candle after which bids were offered in ascending order until the candle spluttered out. The high bid at the time the candle extinguished itself won the auction.[10]

The oldest auction house 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 economic theory, an auction may refer to any mechanism or set of trading rules for exchange in the world is Stockholm Auction House Stockholms Auktionsverk founded in 1674 in Sweden is the world's oldest auction house (Stockholms Auktionsverk). It was established in Sweden in 1674.[11][12]

During the end of the 18th century, soon after the French Revolution The French Revolution was a period of radical social and political upheaval in French and European history. The absolute monarchy that had ruled France for centuries collapsed in three years. French society underwent an epic transformation as feudal, aristocratic, and religious privileges evaporated under a sustained assault from liberal political, auctions came to be held in taverns A tavern or pot-house is, loosely, a place of business where people gather to drink alcoholic beverages and, more than likely, also be served food, though not licensed to put up guests. The word derives from the Latin taberna and the Greek ταβέρνα/taverna, whose original meaning was a shed or workshop. The distinction of a tavern from an and coffeehouses A coffeehouse or coffee shop is an establishment which primarily serves prepared coffee or other hot beverages. It shares some of the characteristics of a bar, and some of the characteristics of a restaurant, but it is different from a cafeteria. As the name suggests, coffeehouses focus on providing coffee and tea as well as light snacks. Many to sell art. Such auctions were held daily, and catalogs were printed to announce available items. Such Auction catalogs An auction catalog is a catalog that lists items to be sold at an auction which is written and made available well before the auction date. Auction catalogs for rare and expensive items, such as art, jewelry, postage stamps, and antique furniture, are of interest in and of themselves, for they will frequently include detailed descriptions of the are frequently printed and distributed before auctions of rare or collectible items. In some cases these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned.[citation needed] Sotheby's The oldest auction house in operation is the Stockholms Auktionsverk founded in 1674, the second oldest is Göteborgs Auktionsverk founded in 1681 and third oldest being Uppsala Auktionskammare founded in 1731, all Swedish. Sotheby's predecessor, Baker's, was founded in London, England on 11 March 1744 when Samuel Baker presided over the disposal, now the world's second-largest auction house,[11] held its first auction in 1744. Christie's The official company literature states that founder James Christie conducted the first sale in London, England on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766. However, other sources note that James Christie rented auction rooms from 1762, and newspaper advertisements of Christie's sales dating from, now the world's largest auction house,[11] was established around 1766. Other early auction houses that are still in operation include Dorotheum The Dorotheum, established in 1707, is one of the world's oldest auction houses. It has its headquarters in Vienna on the Dorotheergasse and is the largest auction house in both Central and German-speaking Europe. Besides auctions, the retail sector also plays a major role in Dorotheum's business. In the Dorotheum, furniture, porcelain, and (1707), Bonhams Bonhams is a privately owned British auction house and one of the world’s oldest and largest auctioneers of fine art and antiques. Several of its departments are established world leaders within their specialist category (1793), Phillips de Pury & Company Phillips de Pury & Company is an auction house and art dealership, with offices in New York, London, Geneva, Berlin, Brussels, Los Angeles, Milan, Munich and Paris. Phillips conducts auctions in New York, London and Geneva in the areas of Contemporary Art, Photography, 20-21st Century Design, Art and Jewellery. Phillips also handles private (1796), Freeman's (1805) and Lyon & Turnbull Lyon & Turnbull is a privately owned international auction house based in Scotland. Founded in 1826, it is Scotland’s oldest auction house; the largest independent auction house in the United Kingdom outside of London and the fastest growing auction house in the UK. The firm has its salerooms in Edinburgh and offices in London Pall Mall, and (1826).[13]

During the American civil war Union blockade – Eastern – Western – Lower Seaboard – Trans-Mississippi – Pacific Coast goods seized by armies were sold at auction by the Colonel Today, a colonel is usually a military title rated as the highest, or the second-highest, field rank below the general, or "flag", grades. In some small military forces, it can be the highest rank held of the division. Thus, some of today's auctioneers in the U.S. carry the unofficial title of "colonel". [9]

The development of the internet, however, has led to a significant rise in the use of auctions as auctioneers can solicit bids via the internet The online auction business model is one in which participants bid for products and services over the Internet. The functionality of buying and selling in an auction format is made possible through auction software which regulates the various processes involved from a wide range of buyers in a much wider range of commodities than was previously practical.[5]

Types of auction

Primary types of auction

Tuna auction at the Tsukiji fish market Tsukiji fish market is the biggest wholesale fish and seafood market in the world and also one of the largest wholesale food markets of any kind. The market is located in Tsukiji in central Tokyo, and is a major attraction for foreign visitors in Tokyo Tokyo , officially Tokyo Metropolis (東京都, Tōkyō-to?), is one of the 47 prefectures of Japan. It is located on the eastern side of the main island Honshū and includes the Izu Islands and Ogasawara Islands. Tokyo Metropolis was formed in 1943 from the merger of the former Tokyo Prefecture (Tokyo-fu) and the city of Tokyo. Tokyo is the Fish auction in Honolulu Honolulu is the capital of and the most populous census-designated place (CDP) in the U.S. state of Hawaii. Although Honolulu refers to the urban area on the southeastern shore of the island of Oahu, the city and the county are consolidated, known as the City and County of Honolulu, and the city and county is designated as the entire island. The, Hawaii The state encompasses nearly the entire volcanic Hawaiian Island chain, which comprises hundreds of islands spread over 1,500 miles . At the southeastern end of the archipelago, the eight "main islands" are (from the northwest to southeast) Niʻihau, Kauaʻi, Oʻahu, Molokaʻi, Lānaʻi, Kahoʻolawe, Maui, and Hawaiʻi. The last is by

Multi-unit 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 a uniform price auction or a discriminatory price auction.

Secondary types of auction

Time requirements

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Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction. The number of simultaneous bidders is of critical importance. Open bidding during an extended period of time with many bidders will result in a final bid that is very close to the true market value. Where there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy. Of special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final (winning) bid has become a binding agreement.

Auctions: characterization

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Auctions can differ in the number of participants:

Prices are bid (or offered) by buyers and asked by sellers. Auctions may also differ by the procedure for bidding (or asking, as the case may be):

Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first unique price or some other. Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought.

Without modification, auction generally refers to an open, demand auction, with or without a reservation price (or reserve), with the item sold to the highest bidder.

Supply auction Demand auction Double auction

Common uses for auctions

Auctions are publicly and privately seen in several contexts and almost anything can be sold at auction. Some typical auction arenas include the following:

Farm clearing sale, Woolbrook, NSW. Grass-fed cattle at auction, Walcha, NSW Wool buyers' room at a wool auction, Newcastle, NSW.

Although less publicly visible, the most economically important auctions are the commodities auctions in which the bidders are businesses even up to corporation level. Examples of this type of auction include:

Bidding strategy

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Bid shading

Bid shading is placing a bid which is below the bidder's actual value for the item. Such a strategy risks losing the auction, but has the possibility of winning at a low price. Bid shading can also be a strategy to avoid the Winner's curse.

Chandelier bidding

A practice, especially by high-end art auctioneers, of raising false bids at crucial times in the bidding process in order to create the appearance of greater demand or to extend bidding momentum for a work on offer. To call out these nonexistent bids, auctioneers might fix their gaze at a point in the auction room that is difficult for the audience to pin down.

In the United Kingdom, this practice is legal on Property Auctions up to but not including the reserve price, and is also known as "Off The Wall" bidding.[35]

Collusion

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Whenever bidders at an auction are aware of the identity of the other bidders there is a risk that they will form a "ring" and thus manipulate the auction result, a practice known as collusion. By agreeing to bid only against outsiders, never against members of the "ring", competition becomes weaker, which may dramatically affect the final price level. After the end of the official auction an unofficial auction will take place among the "ring" members. The difference in price between the two auctions will then be split among the members.

On the opposite side, the owner of the object being auctioned may increase competition by taking part in the bidding himself (but drop out of the bidding just before the final bid). In Britain and many other countries Rings and the bidding on one's own object are illegal.

In an English auction a dummy bid is a bid made by a dummy bidder acting in collusion with the auctioneer or vendor, designed to deceive genuine bidders into paying more. In a First price auction a dummy bid is an unfavourable bid designed so as not to become the winning bid. (The bidder does not want to win this auction, but he wants to make sure that he will be invited to the next auction).

In Australia a dummy bid (shill, schill) is a criminal offense but a vendor bid or a co-owner bid below the reserve price is permitted, if clearly declared as such by the auctioneer. These are all official legal terms in Australia, but may have other meanings elsewhere. A co-owner is one of two or several owners (who disagree among themselves).

In Sweden and many other countries there are no legal restrictions, but it will severely hurt the reputation of an auction house that knowingly permits any other bids except genuine bids. If the reserve is not reached this should be clearly declared.

Suggested opening bid (SOB)

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There will usually be some kind of (rough) estimate as to what the object will fetch. In an ascending open auction it is considered important that there should be at least a 50 percent increase in the bids from start to finish. To accomplish this the auctioneer must start the auction by announcing a Suggested Opening Bid, SOB, that is low enough to be immediately accepted by one of the bidders. Once there is an Opening Bid there will quickly be several other higher bids submitted. Experienced auctioneers will often select an SOB that is about 45 percent of the (lowest) estimate. Thus there is a certain margin of safety to ensure that there will indeed be a lively auction with many bids submitted. Several observations indicate, that the lower the SOB, the higher the final winning bid will be. This is due to the increase in number of bidders attracted by the low SOB. When 50 bidders compete with each other the winning bid will be about twice as high as when only two bidders compete. Sometimes with English auction there will be more than 50 bidders.

A Chi-square distribution shows many low bids but few high bids. Bids "show up together"; without several low bids there will not be any high bids.

Another approach to choosing a SOB: The auctioneer may achieve good success by asking the expected final sales price for the item, as this method suggests to the buyer the amount of the item's particular value. For instance, say an auctioneer is about to sell a $1,000 car at a sale. Instead of asking $100, hoping to entice wide interest (for who wouldn't want a $1,000 car for $100?), the auctioneer may still suggest the opening bid of $1,000; although the first bidder may finally begin bidding at a mere $100, the final bid may more likely approach $1,000.

Auction terminology

This section requires expansion.

JEL classification

The Journal of Economic Literature (JEL) classification code for auctions is D44.[36]

See also

Further reading

Notes

  1. ^ Sotheby's (2007-06-07) (PDF), Sotheby's Sets a New World Record for Sculpture at Auction, http://files.shareholder.com/downloads/BID/340155988x0x110223/36c23cb5-958d-4a86-b517-ea6f9d297127/110223.pdf, retrieved 2008-06-20
  2. ^ New York Times (2008-01-10), Artemis and Stag at Met Museum, http://www.nytimes.com/2008/01/10/arts/10arts-ARTEMISANDST_BRF.html, retrieved 2008-06-20 .
  3. ^ *Melikian, Souren (2005-07-26), Chinese Jar Sets Record for Asian Art, the International Herald Tribune, http://www.nytimes.com/iht/2005/07/26/arts/IHT-26web.melik.html?pagewanted=print, retrieved 2008-06-19
  4. ^ a b c d e f Krishna, 2002: p2
  5. ^ a b "The Heyday of the Auction", The Economist 352 (8129): 67–68, 1999-07-24, ISSN 0013-0613
  6. ^ a b c d Shubik, 2004: p214
  7. ^ Krishna, 2002: p1
  8. ^ a b c Shubik, 2004: p215
  9. ^ a b Doyle, Robert A.; Baska, Steve (November 2002), "History of Auctions: From ancient Rome to todays high-tech auctions" (), Auctioneer, http://www.auctioneersfoundation.org/news_detail.php?id=5094, retrieved 2008-06-22
  10. ^ Patten, R. W. (Summer, 1970), "Tatworth Candle Auction", Folklore (London, United Kingdom: Taylor & Francis, Ltd. on behalf of Folklore Enterprises, Ltd.) 81 (2): 132–135, ISSN 0015-587x, http://www.jstor.org/pss/1258945, retrieved 2008-06-25
  11. ^ a b c Varoli, John (2007-10-02), "Swedish Auction House to Sell 8 Million Euros of Russian Art", Bloomberg.com News (Moscow: Bloomberg Finance L.P.), http://www.bloomberg.com/apps/news?pid=20601088&sid=aGlwT7.MHwzw&refer=muse, retrieved 2008-06-21
  12. ^ About the company, Stockholm, Sweden: Stockholms Auktionsverk, http://www.auktionsverket.se/historike.htm, retrieved 2008-06-21
  13. ^ Stoica, Michael (August 2007), The Business of Art, http://www.washburn.edu/mabee/crc/courses/auctionhouses.html, retrieved 2008-06-21
  14. ^ a b c d e f g h i j k l m n McAfee, R. Preston; McMillan, John (1987), "Auctions and Bidding", Journal of Economic Literature (American Economic Association) 25 (2): 699–738, June 1987, http://vita.mcafee.cc/PDF/JEL.pdf, retrieved 2008-06-25
  15. ^ eBay, Selling Multiple Items in a Listing (Dutch Auction), http://pages.ebay.com/help/sell/multiple.html, retrieved 2009-01-09
  16. ^ a b Krishna, 2002: p9
  17. ^ Krishna, 2002: p3
  18. ^ a b US20,100,076,860 (PDF version) (2009-09-22) , Online Timeshift Auctions.
  19. ^ Milgrom, 2004: p119
  20. ^ a b c d e f Gallien, Jérémie; Gupta, Shobhit (May 2007), "Temporary and Permanent Buyout Prices in Online Auctions", Management Science (INFORMS) 53 (5): 814–833, doi:10.1287/mnsc.1060.0650, ISSN 1526-5501, http://mansci.journal.informs.org/cgi/content/abstract/53/5/814
  21. ^ a b Pekec, Aleksandar; Rothkopf, Michael H. (November 2003), "Combinatorial auction design.", Management Science (INFORMS) 49 (11): 1485–1503, doi:10.1287/mnsc.49.11.1485.20585, ISSN 1526-5501, http://mansci.journal.informs.org/cgi/content/abstract/53/5/814
  22. ^ a b c Fisher, Steven (2006), The Real Estate Investor's Handbook: The Complete Guide for the Individual Investor, Ocala, Florida: Atlantic Publishing Company, pp. 89–90, ISBN 091062769X
  23. ^ a b c d Good, Steven L.; Lynn, Paul A. (January 2007), "The eBay Effect", Commercial Investment Real Estate (CCIM Institute), http://www.ciremagazine.com/article.php?article_id=1036, retrieved 2009-06-25
  24. ^ Leichman, Laurence (1996), 90% off! real estate, Ocala, Florida: Leichman Assoc Pubns, pp. 78–79, ISBN 0963686771
  25. ^ a b c Schoenherr, Tobias; Mabert, Vincent A. (September-October 2007), "Online reverse auctions: Common myths versus evolving reality", Business Horizons (Kelley School of Business, Indiana University) 50 (5): 373–384, doi:10.1016/j.bushor.2007.03.003
  26. ^ a b c d e Isaac, R. Mark; Schnier, Kurt (October 2005), "Silent auctions in the field and in the laboratory", Economic Inquiry (Oxford, United Kingdom: Western Economic Association International) 43 (4): 715–733, doi:10.1093/ei/cbi050, ISSN 0095-2583, http://ideas.repec.org/a/oup/ecinqu/v43y2005i4p715-733.html
  27. ^ Milgrom, 2004: p268
  28. ^ a b Milgrom, 2004: p267
  29. ^ Milgrom, 2004: p267-268
  30. ^ Canadian Museum of Civilization and Canada Postal Museum - Auction of Fine Art and Stamps
  31. ^ The Land Newspaper, Prime sheep, Rural Press, 13 August 2009.
  32. ^ Combined factors hit wool auctions hard
  33. ^ William Inglis & Son Limited
  34. ^ Pickles Auctions
  35. ^ http://ukauctions.org.uk/articles-videos/help-and-advice/what-is-bidding-off-the-wall/
  36. ^ Journal of Economic Literature Classification System, American Economic Association, http://aea-web.org/journal/jel_class_system.html, retrieved 2008-06-25 (D: Microeconomics, D4: Market Structure and Pricing, D44: Auctions)

References

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Wow Auctioneer Not Showing Green Items In Appraiser, And When I Try To Post. Says 'Item Not Found In Inventory?
Q. Im using the newest version of auctioneer, I even reinstalled it several times. When I go to post a green item at the auction house, it says 'Item Not Found In Inventory' And if I click over the to the appraiser tab, it doesn't show them listed in my inventory at all.
Asked by featheryourbangs - Sat Dec 27 14:28:55 2008 - - 1 Answers - 0 Comments

A. The item is probably Soulbound. If so, you'll not able able to post in on the Auction House and it will not appear in the Appraiser tab. Meanwhile, you can find the latest version on the Auctioneer Homepage at the source link below.
Answered by bitbyte - Sun Dec 28 19:50:26 2008

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Sun Jul 25 06:27:33 2010
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