Auction

An auction is the public sale of something to the highest bidder.

How does it work?

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.

Related Keywords

eBay, uBid, bid, bid on auction, auction bid, online auction, auction online, government auction, auto auction, auction market, treasury auction, dutch auction, buyer, seller

Recommended Websites

eBayThe auction Giant has a successful story and now become a source for other companies or lots of individuals to get success.

uBid was founded in 1997 and swiftly emerged as a major force in the e-commerce world. Today uBid, part of Petters Group Worldwide, is a brand name marketplace that offers leading manufacturers' merchandise to consumers and businesses at prices even lower than wholesale.

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