Gourt > Regional > Europe > United Kingdom > Business and Economy > Shopping > Auctions (8)
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. Auctions can be with reserve or minimum, or without minimums, or absolute or no reserve. In reserve auctions, there is a minimum bid 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 may still owe a fee to the auctioneer or auction company). In absolute or no reserve auctions, the sale is guaranteed, with only the price left to be determined. In the context of auctions, a bid is an offered price.
Auctions are publicly seen in several contexts and almost anything can be sold at auction. Some typical auction arenas include the following:
- the antique business, where besides being an opportunity for trade they also serve as social occasions and entertainment
- in the sale of collectibles such as stamps, coins, classic cars (by Kruse International for example), fine art, and luxury real estate
- in the sale of all types of real property including residential and commercial real estate, farms, vacant lots and land
- for the sale of second-hand goods of all kinds, particularly house clearances and online auctions
- in commodities auctions, like the fish wholesale auctions
- in thoroughbred horseracing, where yearling horses are commonly auctioned off; and
- in legal contexts where forced auctions occur, as when one's farm or house is sold at auction on the courthouse steps.
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:
- sales of businesses
- spectrum auctions, in which companies purchase licenses to use portions of the electromagnetic spectrum for communications (for cell phone networks, for example)
- timber auctions, in which companies purchase licenses to log on government land
- electricity auctions, in which large-scale generators and consumers of electricity bid on generating contracts
- environmental auctions, in which companies bid for licenses to avoid being required to decrease their environmental impact
- debt auctions, in which governments sell debt instruments, such as bonds, to investors. The auction is usually sealed and the uniform price paid by the investors is typically the best non-winning bid. In most cases, investors can also place so called non-competitive bids which indicates an interest to purchase the debt instrument at the resulting price, whatever it may be.
Tax rich at higher rate, says TUC
Sat, 06 Sep 2008 23:22:11 -0000
People earning more than £100,000 a year should pay higher tax rates, the Trades Union Congress says.
US lenders 'face state takeover'
Sun, 07 Sep 2008 14:25:17 -0000
US officials will outline plans for mortgage giants Freddie Mac and Fannie Mae, which are expected to be put under federal control.
Nationwide in talks over mergers
Sun, 07 Sep 2008 12:05:06 -0000
The Nationwide Building Society is in merger talks with two smaller rivals, the Derbyshire and Cheshire Building Societies.
eBay UK - Person to person online auction site where you can buy or sell new and used items.
Meta Description: [ Visit eBay UK and register to buy or sell new and used books, cars, computers, digital cameras, DIY, DVD, jewellery and music. Auction or Fixed Price. Buy It. Sell It. Love It. eBay.co.uk ]
121 BID - Online Auction Site - Free to list online auction site but with associated charges.
Amazon.co.uk Auctions - UK based person to person online auctions of unusual, rare and collectable items.
Meta Description: [ UK based person to person online auctions of unusual, rare & collectable items including books, music, video, memorabilia, wine & travel. ]
AuctionZone - Person-to-person online auction with several categories.
Meta Description: [ AuctionZone the A to Z of online Auctions. ]
Bid Up TV - Satellite television and internet auction channel.
500
Bidlocal.co.uk - Swindon based locally focused auction website.
Meta Description: [ Bidlocal.co.uk, Bid Safe.......Bidlocal.co.uk, Bidlocal.co.uk Swindons locally focused auction community providing a wide selection of new and used goods including Buy it Now and Fixed Price auctions, in a secure and safe enviroment. bid safe bidlocal.co.uk ]
bidz4it.co.uk - Free to list uk online auction site.
Meta Description: [ bidz4it.co.uk is a safe, friendly free to list uk online auction site,pick up a bargain today,free £10.00 when you register ]
Comet's Clearance Auctions - Offering previously sold or cosmetically damaged electical goods.
Dunwith - UK auction website currently no fees.
Meta Description: [ Dunwith - The Alternative to Auctions, Marketplace for free buying and selling of cars, books, pottery, jewelery and much more... ]
eBid - Person-to-person on-line auction.
Meta Description: [ eBid is the Online Auction House - Sell anything in our auctions Fully Secure Environment in UK, USA, Canada and Australia. Sell second hand and unwanted telephones, hardware, second, hand, user, action figures, antiques, autographs, animation art, barbie, beanies, beanie babies, books, collecta... ]
GeneralAuction.co.uk - Person to person online auctions.
Meta Description: [ General Auction - GeneralAuction.co.uk - Online Auction :: Online Marketplace ]
GOANM Livestock Auctions - Aberdeen and Northern Marts auction sales and agricultural services.
Milton Keynes Internet Auctions - Community focussed internet auction site.
Meta Description: [ Online Auction Milton keynes. Milton Keynes local auctions for local people bargain auctions online. Recycle those unwanted items online with Milton Keynes no1 Internet Auction. Sell, Bid and Buy absolutely anything online with our local auction for milton keynes. Free Community Auction for Milto... ]
Oneway UK - UK online auctions, classifieds and online shopping site.
Meta Description: [ OneWay, the UK online auctions, classifieds and online shopping site. The lowest prices on digital cameras and electronics. ]
QXL UK Auctions - Uk online auction site running since 1997
Meta Description: [ QXL.com - UK Online Auctions Since 1997 ]
Tameside Auction Online - Tameside's online auction website.
Meta Description: [ Tameside's Free Online Auction,Free Classified Ad's,Tameside Auction Forum, Ashton Under Lyne, Audenshaw, Denton, Dukinfield, Droylsden, Hyde, Longdendale, Mossley, Stalybridge Glossop and High Peak, England. If it's for sale in Tameside, find it here. ]
thatsyourlot.com - A UK based online auction site that allows you to buy and sell with no listing fees but other fees with associated services.
Meta Description: [ UK Free and easy online auctions at thatsyourlot.com - Clear out your loft, garage and cupboards and sell those unwanted items or bid on an auction and pick up a bargain. Membership is free and quick and there are no fees for basic listings. ]
| 'm seriously exhausted so I will have to do it tomorrow! ... museum culture art artists gallery opening reception auction ... | |
| Next Video | |
