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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:
MORE RESOURCES: The Cheyenne Supercomputer is going for a fraction of its list price at auction right now - Engadget Online auctions aren't just for distressed properties anymore in metro Detroit Crain's Detroit Business Old Ward Hotel to be sold in auction, starting bid $150000 KFSM 5Newsonline Original cover art for ‘Harry Potter and the Philosopher’s Stone’ expected to set auction record CNN J Martin Auctions LLC | Ads to Go | fltimes.com Finger Lakes Times Five generations share call to auction | News, Sports, Jobs Fort Dodge Messenger Interior Department Proposes Offshore Wind Sales in Oregon, Gulf of Maine US Department of the Interior Local Auction Featuring Collection of Signed Sports and Music Items Rare for Wyoming Local Auction Featuring ... SweetwaterNOW Annual Chef's Auction Held To Benefit Wheeling Health Right Wheeling Intelligencer Sonja Morgan's New York townhouse is going to auction | Homes & Gardens Online Auction FFXnow Christie’s New York’s May Art Auctions Include the Rosa de la Cruz Collection, Jean-Michel Basquiat, and Julie Mehretu New York Latin Culture Magazine® Cloverleaf Local School District Conducts Two Sets of Online Auctions for School Building Contents on GovDeals Yahoo Finance Auction Pours Record Amount of Love Back into the Festival Geauga Maple Leaf The Original 'Harry Potter and the Philosopher's Stone' Cover Art Could Fetch $600k at Auction Observer Original 1st-edition Harry Potter cover art up for auction NonStop Local Billings The LA home where Muhammad Ali lived during the height of his career is up for auction New York Post Muhammad Ali’s Los Angeles mansion up for auction KTLA Los Angeles 1-of-125, 700HP 2021 Audi ABT RS6-R Avant Listed For Auction duPont REGISTRY 'DCLEATED' art instalation auction runs through May 8 FOX 2 Detroit Auction raises more than $125000 to support student scholarships Valley City State University News Flash • City Items Up for Auction News Flash • League City • CivicEngage Newport Beach puts Balboa Island teak benches up for auction Los Angeles Times Sotheby's to auction the illustration that introduced Harry Potter to the world The Rowling Library Resell CNC welcomes metalworking industry veteran Jeff Kopp as new Vice President of Resell CNC Auctions Send2Press Newswire Derby Horse Auction Prices Run the Gamut BloodHorse.com Glendale appraiser leads auction of Havdalah set, menorah | Scottsdale Independent Daily Independent RHA Auction Exceeds Expectations - The Observer Fordham Observer Cantwell Ups ACP Money in Updated Draft Spectrum Auction Bill BroadbandBreakfast.com Rare & Unique Native Plant Auction May 11 Town-Crier Lions Club Auction raises $25000 for summer ball, other programs Ozark County Times Julien's Auctions to display guitars from John Lennon, Randy Bachman at new Nashville exhibition ktlo.com This Rare and Desirable Garage 56 Camaro Is Selling At Henderson Auctions Collector Motor Series Yahoo! Voices Travis Kelce Calls Taylor Swift 'My Significant Other' and Auctions Off Eras Tour Tickets at Patrick Mahomes' Gala Yahoo Entertainment OTA+plans+auction+for+273+acres+in+seven+Oklahoma+counties Journal Record Al Capone's "sweetheart" gun is up for auction again — and it could sell for over $2 million CBS News George Harrison's sitar sells for more than $66000 at auction Rural Radio Network Auction sees property and land go under the hammer Yahoo News UK Watch Worn by John Jacob Astor on the Titanic Sells for $1.4 Million The New York Times Joopiter's 'Joyride' Auto Auction in Photos Robb Report Taylor Swift, Travis Kelce auction off Eras Tour tickets at Patrick Mahomes charity gala KOAT New Mexico Market pressure mounts as Australian wool auctions see price falter Fibre2fashion.com Charity Auction to Offer Racing Interest in Coach Clint BloodHorse.com After $2 million judgment, court orders KC landlord’s properties liquidated at auction Kansas City Star US government puts retired Cheyenne supercomputer up for auction DatacenterDynamics 2004 Mercury Sable LS Premium With 61K Miles Up For Auction Ford Authority A Buyer’s Guide to Wine Auctions SevenFifty Daily Classic Movie Trailers at Excalibur Auctions Arts and Collections International Race Worn Gear, Plastic and More: 2024 St. Jude Love Moto Stop Cancer Auction Now Live Racer X Online Do I hear $1,000? Thibodaux Firemen’s Fair Auction WGNO New Orleans Real Estate Quarterly: Auctions On the Rise Los Angeles Business Journal State board grants license to Corsica horse auction business against SD vet's recommendation Mitchell Republic JFK Memorabilia Leads Fine Autographs and Artifacts Auction Fine Books & Collections Magazine Somerset County to hold online auction centraljersey.com |
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