Editing Auction (section)

==Contexts==
{{See also|Category:Contexts for auctions}}
The range of auctions' contexts is extremely wide and one can buy almost anything, from a house to an endowment policy and everything in between. Some of the recent developments have been the use of the Internet both as a means of disseminating information about various auctions and as a vehicle for hosting auctions themselves.

===Human commodity auctions===
{{Further|Commodification}}
[[File:A Slave Auction.jpg|thumb|A slave auction]]
As already mentioned in the history section, auctions have been used to trade [[Commodification|commodified]] people from the very first. Auctions have been used in [[slave market]]s throughout history until modern times [[Slavery in Libya#21st century|in the post-Gaddafi era Libya]].<ref>{{cite magazine |title=What You Need to Know About the Libyan Slave Trade |url=https://time.com/5042560/libya-slave-trade/ |magazine=Time |access-date=26 January 2020 |language=en}}</ref><ref>{{cite news |last1=Vonberg |first1=Judith |title=UK lawmakers debate Libya slave auction footage |url=https://edition.cnn.com/2017/12/18/europe/libya-slave-auctions-uk-debate-intl/index.html |access-date=26 January 2020 |agency=CNN}}</ref><ref>{{cite news |last1=Gladstone |first1=Rick |title=U.N. Chief 'Horrified' by Report of Libya Slave Auction |work=The New York Times |url=https://www.nytimes.com/2017/11/20/world/middleeast/libya-slave-auction-un.html |access-date=26 January 2020 |agency=The New York Times |date=20 November 2017}}</ref> The word for slave auction in the [[Atlantic slave trade]] was [[Scramble (slave auction)|scramble]]. A [[child auction]] is a Swedish and Finnish historical practice of selling children into slavery-like conditions by authorities using a descending English auction.<ref name=lundberg>{{cite journal |last=Lundberg  |first=Sofia|date= 2000 |title=Child Auctions in Nineteenth Century Sweden: An Analysis of Price Differences |jstor=146326|journal= The Journal of Human Resources |volume=35 |issue=2 |pages=279–298 |doi=10.2307/146326 }}</ref> [[Fattigauktion]] is a similar Swedish practice involving poor people being auctioned to church organizations.<ref>{{cite thesis |degree=Master |last1=Johansson |first1=Mariette |title=Fattigvården i Kristdala socken 1881-1890: en studie av en småländsk landsbygdssocken |date=Spring 2009 |publisher=Högskolan på Gotland |language=sv |url=https://www.diva-portal.org/smash/record.jsf?pid=diva2%3A299611&dswid=-160 |access-date=4 August 2022}}</ref> [[Wife selling|Trade of wives by auctions]] was also a common practice throughout history. For instance, in the old [[Wife selling (English custom)|English custom of wife selling]], a wife was divorced by selling her in a public auction for the highest bid.<ref>{{citation |title=The Contrast, by the Author of "Yes and No" |journal=[[The Gentleman's Magazine]] |url=https://books.google.com/books?id=rDwDw0HkYPkC |volume=102 |page=347 |date=April 1832|last1=Cave |first1=Edward |last2=Nichols |first2=John }}</ref> [[ISIS]] conducted slave auctions to sell up to 7,000 [[Yazidi]] women as reported in 2020.<ref>{{cite news |title=ISIS Terror: Yazidi Woman Recalls Horrors of Slave Auction |url=https://www.nbcnews.com/storyline/isis-uncovered/isis-terror-yazidi-woman-recalls-horrors-slave-auction-n305856 |access-date=30 August 2020 |work=NBC News |language=en}}</ref><ref>{{cite news |title='I was sold seven times': Yazidi women welcomed back into the faith |url=https://www.theguardian.com/global-development/2017/jul/01/i-was-sold-seven-times-yazidi-women-welcomed-back-into-the-faith |access-date=30 August 2020 |work=The Guardian |date=1 July 2017 |language=en}}</ref>

A [[virginity auction]] is the voluntary practice of individuals seeking to sell their own [[virginity]] to the highest bid.<ref name="howmuch">Gordon, Claire (9 February 2010). [http://www.slate.com/blogs/xx_factor/2010/02/09/what_factors_determine_the_price_of_a_womans_virginity.html How Much Is Virginity Worth], ''[[Slate (magazine)]]''</ref> [[Cricket]] players are routinely put up for auction, whereby cricket teams can bid for their services.<ref>{{cite news |title=IPL Auction 2020, IPL Auction Players List, Auction Date, Results |url=https://www.hindustantimes.com/cricket/ipl-auction-2019-complete-list-of-players/ |access-date=26 September 2020 |work=Hindustan Times |language=en}}</ref><ref>{{cite news |last1=Sportstar |first1=Team |title=IPL 2020: Full list of players in auction pool on December 19 |url=https://sportstar.thehindu.com/cricket/ipl/ipl-news/ipl-2020-full-list-of-332-players-in-the-auction-pool/article30284628.ece |access-date=26 September 2020 |work=Sportstar |language=en}}</ref> [[Indian Premier League]] (IPL) started annual public auctioning of cricket players in 2008 as an entertainment for mass consumption.<ref>{{cite news |title=Reducing Cricketers into Cattle: The IPL Destroys the Spirit of Sports – The New Leam |url=https://www.thenewleam.com/2018/12/reducing-cricketers-into-cattle-the-ipl-destroys-the-spirit-of-sports/ |access-date=5 September 2020 |work=thenewleam.com/}}</ref> Also, [[Bangladesh Premier League]] conducts cricket [[player auction]]s, starting in 2012.<ref>{{cite news |title=Afridi and Gayle fetch highest BPL prices {{!}} ESPNcricinfo.com |url=https://www.espncricinfo.com/story/_/id/22342534/bangladesh-premier-league-2012-shahid-afridi,-chris-gayle-fetch-highest-bpl-prices |access-date=5 September 2020 |work=espncricinfo.com |language=en}}</ref>

===Real estate auctions===
[[File:Melbourne Real Estate Auctioneer.jpg|thumb|An estate agent conducting an auction of real estate in Melbourne, Victoria, Australia]]

In some countries, such as [[Australia]], auctioning is a common method for the sale of [[real estate]]. Auctions were traditionally used as an alternative to the [[For sale by owner|private sale/treaty method]] to sell property that, due to their unique characteristics, were difficult to determine a price for. The law does not require a vendor to disclose their [[Reservation price|reserve price]] prior to the auction. During the 1990s and 2000s, auctions became the primary method for the sale of real estate in the two largest cities, [[Melbourne]] and [[Sydney]]. This was largely due to the fact that in a private sale the vendor has disclosed the price that they want, and potential purchasers would attempt to [[low-ball]] the price, whereas in an auction purchasers do not know what the vendor wants, and thus need to keep lifting the price until the reserve price is reached.

The method has been the subject of increased controversy during the twenty-first century as [[Australian property bubble|house prices sky-rocketed]]. The rapidly rising housing market saw many homes, especially in Victoria and New South Wales, selling for significantly more than both the vendors' reserve price and the advertised price range. Subsequently, the auction systems' lack of transparency about the value of the property was brought into question, with [[estate agent]]s and their vendor clients being accused of "under-quoting". Significant attention was given to the matter by the Australian media, with the government in Victoria eventually bowing to pressure and implementing changes to legislation in an effort to increase transparency.<ref>{{cite web|title=Understanding underquoting|url=https://www.consumer.vic.gov.au/licensing-and-registration/estate-agents/running-your-business/advertising-and-representations/understanding-underquoting|website=Consumer Affairs Victoria|publisher=CAV|access-date=9 December 2018|archive-date=28 February 2019|archive-url=https://web.archive.org/web/20190228084403/https://www.consumer.vic.gov.au/licensing-and-registration/estate-agents/running-your-business/advertising-and-representations/understanding-underquoting}}</ref>

In the UK, historically, auction houses were perceived to sell properties which may have been {{nowrap|repossessed{{hsp}}{{mdash}}{{hsp}}}}where a home owner fails to make regular mortgage {{nowrap|payments{{hsp}}{{mdash}}{{hsp}}}}or were [[probate]] sales {{nowrap|({{hsp}}{{em|i.e.}},{{tsp}}a}} family home being sold by the heirs). However, more recently, selling at auction has become an alternative to a normal property sale, due to the speedy nature of the entire process.<ref>{{Cite web|last=ZFN|date=2021-08-22|title=Building Survey of Auction Properties|url=https://www.zfn.co.uk/post/building-survey-of-auction-properties|access-date=2021-08-27|website=ZFN|language=en}}</ref>

In China, land auctions are under the sole control of local government officials. Because some developers may use bribes to please government officials to obtain the right to purchase the land, the central government requires that future land auctions be conducted using a [[spectrum auction]] in order to prevent the spread of corruption. Although this method cannot completely solve the problem of corruption, it is still a significant contribution to the auction.<ref>{{cite journal |last1=Cai |first1=Hongbin |last2=Henderson |first2=J. Vernon |last3=Qinghua |first3=Zhang |title=China's land market auctions: evidence of corruption? |journal=The RAND Journal of Economics |date=2013 |volume=44 |issue=3 |pages=488–521 |doi=10.1111/1756-2171.12028 |jstor=43186429 |pmid=25506125 |pmc=4262968 |s2cid=16101212 }}</ref>

===Auctions by authorities===
{{See also|:Category:Governmental auctions}}
[[File:Delinquent property tax lien list.jpg|thumb|[[Pima County, Arizona]] delinquent property tax list for auction by the County Treasurer]]
A [[government auction]] is simply an auction held on behalf of a government body generally at a general sale. Items for sale are often surplus needed to be liquidated. Auctions ordered by estate executors enter the assets of individuals who have perhaps died intestate (those who have died without leaving a will), or in debt. In legal contexts where [[force (law)|forced]] auctions occur, as when one's farm or house is sold at auction on the [[courthouse]] steps. Property seized for [[Tax sale|non-payment of property taxes]], or under [[foreclosure]], is sold in this manner. [[Police auction]]s are generally held at general auctions, although some forces use online sites including eBay, to dispose of lost and found and seized goods. [[Debt]] auctions, in which governments issue and sell [[Public debt|debt obligations]], such as [[Bond (finance)|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 interest to purchase the [[public debt|debt obligation]] at the resulting price, whatever it may be. Some states use [[Court auction|courts to run such auctions]]. In [[spectrum auction]]s conducted by the government, companies purchase licenses to use portions of the [[electromagnetic spectrum]] for communications (e.g., mobile phone networks). In certain jurisdictions, if a [[Self storage|storage facility]]'s tenant fails to pay rent, the contents of their locker(s) may be sold at a public auction. Several television shows focus on such auctions, including ''[[Storage Wars]]'' and ''[[Auction Hunters]]''.

===Commodity auctions===
[[File:Wool auction.JPG|thumb|Wool buyers' room at a wool auction, Newcastle, NSW]]
[[File:Cattle sale.jpg|thumb|Grass-fed [[cattle]] at auction, [[Walcha, New South Wales|Walcha]], NSW]]
[[File:Clearing sale.JPG|thumb|Farm clearing sale, Woolbrook, NSW]]
[[File:Auction Tsukiji fishmarket.jpg|thumb|right|Tuna auction at the [[Tsukiji fish market]] in [[Tokyo]]]]
[[File:Fish auction Hawaii.jpg|thumb|right|Fish auction in [[Honolulu]], [[Hawaii]]]]
Auctions are used to trade [[commodity|commodities]]; for example, fish wholesale auctions. In wool auctions, wool is traded in the international market.<ref>{{cite web|url=http://www.abc.net.au/rural/news/stories/s843702.htm|website=ABC Rural |archive-url=https://web.archive.org/web/20050428070919/http://www.abc.net.au/rural/news/stories/s843702.htm|archive-date=2005-04-28|title=Combined factors hit wool auctions hard|date=2003-04-30}}</ref> The [[wine auction]] business offers serious collectors an opportunity to gain access to rare bottles and mature vintages, which are not typically available through retail channels. In [[livestock]] auctions, sheep, cattle, pigs and other livestock are sold. Sometimes very large numbers of stock are auctioned, such as the regular sales of 50,000 or more sheep during a day in [[New South Wales]].<ref>The Land Newspaper, ''Prime sheep'', Rural Press, 13 August 2009.</ref> In [[timber]] auctions, companies purchase licenses to log on government land. In timber allocation auctions, companies purchase timber directly from the government.<ref>[https://web.archive.org/web/20080205043528/http://www.forestauctions.com/ Forest Auctions]</ref> In [[Electricity market|electricity auctions]], large-scale generators and distributors of electricity bid on generating contracts. Produce auctions link growers to localized wholesale buyers (buyers who are interested in acquiring large quantities of locally grown produce).<ref>{{cite journal | last1 = Gray | first1 = T. W. | year = 2005 | title = Local-based, alternative-marketing strategy could help save more small farms | journal = Rural Cooperatives | volume = 72 | pages = 20–3 }}</ref>

===Online auctions===
{{main|Online auction}}
[[Online auction]]s are a form of [[E-commerce]] that relies on the advantages of a digital platform's ability to overcome geographical constraints, provide real-time information and reduce transaction costs, bringing greater convenience to people and allowing more people to participate as bidders, as well as being able to view a greater selection of auctions.<ref name = journal>{{Cite journal |last1=Bajari |first1= Patrick |last2=Hortaçsu |first2=Ali |date=2004-05-01 |title=Economic Insights from Internet Auctions |url=https://pubs.aeaweb.org/doi/10.1257/0022051041409075 |journal=Journal of Economic Literature |language=en |volume= 42 |issue=2 |pages=457–486 |doi=10.1257/0022051041409075 |issn=0022-0515}}</ref> Websites like [[eBay]] provide a potential market of millions of bidders to sellers. Established auction houses, as well as specialist internet auctions, sell many things online, from antiques and collectibles to holidays, air travel, brand new computers, and household equipment. [[Private electronic market]]s use combinatorial auction techniques to continuously sell commodities (coal, iron ore, grain, water, etc.) online to a pre-qualified group of buyers (based on price and non-price factors).<ref>{{cite journal |last1=Zhong |first1=Hong |last2=Li |first2=Song |last3=Cheng |first3=Ting-Fang |last4=Chang |first4=Chin-Chen |title=An Efficient Electronic English Auction System with a Secure On-Shelf Mechanism and Privacy Preserving |journal= Journal of Electrical and Computer Engineering|date=2016 |volume=2016 |pages=1–14 |doi=10.1155/2016/6567146 |doi-access=free }}</ref> Furthermore, online auctions facilitate the process for prospective bidders to discover and evaluate items by enabling searches across numerous auctions and employing filters to refine their selections.<ref>{{Cite journal |last=Bakos |first=J. Yannis |date=1997-12-01 |title= Reducing Buyer Search Costs: Implications for Electronic Marketplaces |url=https://pubsonline.informs.org/doi/10.1287/mnsc.43.12.1676 |journal=Management Science |language=en |volume=43 |issue=12 |pages=1676–1692 |doi=10.1287/mnsc.43.12.1676 |issn=0025-1909}}</ref>

On the other hand, an alternative perspective suggests that the format of online auctions could also give rise to [[Collusion|collusive]] conduct and other types of [[market manipulation]], potentially skewing the market and diminishing its efficiency.<ref name = journal/> Firstly, online auctions might enable bidders to obscure their identities, such as utilizing pseudonyms or multiple accounts to maintain anonymity. This concealment could simplify collusion without detection.<ref>{{Cite journal |last1=Houser |first1=Daniel |last2=Wooders |first2=John |date=2006-06-27 |title=Reputation in Auctions: Theory, and Evidence from eBay |url=|journal=Journal of Economics & Management Strategy |language=en |volume=15 |issue=2 |pages=353–369 |doi= 10.1111/j.1530-9134.2006.00103.x |s2cid=8696236 |issn=1058-6407}}</ref> Secondly, online auctions might ease the implementation of collusive arrangements among bidders. The accessibility of bidding data in online auctions, for instance, allows colluding bidders to monitor each other's bids, guarantee adherence to their agreements, and penalize non-compliance. This enhanced oversight capacity strengthens the stability of collusive agreements.<ref>{{Cite book |last1=Marshall |first1=Robert C. |url=https://direct.mit.edu/books/book/3769/The-Economics-of-CollusionCartels-and-Bidding |title=The Economics of Collusion: Cartels and Bidding Rings |last2=Marx |first2=Leslie M. |date=2012-04-27 |language=en |doi=10.7551/mitpress/9011.001.0001|isbn=9780262301503 }}</ref>

===Unique item auctions===
* Motor vehicle and [[Auto auction|car auctions]] – Here one can buy anything from an accident-damaged car to a brand new top-of-the-range model; from a run-of-the-mill family saloon to a rare collector's item.
* Antiques and collectibles auctions give an opportunity for viewing a huge array of items. The sale of [[collectible]]s includes items such as stamps, coins, vintage toys & trains, classic cars, and fine art.<ref>{{cite web|url=http://www.quadraevents.com/auction.html|title=Canadian Museum of Civilization and Canada Postal Museum – Auction of Fine Art and Stamps|access-date=25 May 2018|archive-url=https://web.archive.org/web/20131113024237/http://www.quadraevents.com/auction.html|archive-date=2013-11-13}}</ref> 
* On-site auctions – Sometimes when the stock or assets of a company are simply too vast or too bulky for an auction house to transport to their own premises and store, they will hold an auction within the confines of the bankrupt company itself. Bidders could find themselves bidding for items which are still plugged in, and the great advantage of these auctions taking place on the premises is that they have the opportunity to view the goods as they were being used, and may be able to try them out. Bidders can also avoid the possibility of goods being damaged whilst they are being removed as they can do it or at least supervise the activity.<ref>{{cite web |last1=Br |first1=Mike |title=On-site versus off-site auctions |url=https://mikebrandlyauctioneer.wordpress.com/2010/06/02/on-site-versus-off-site-auctions/ |website=Mike Brandly, Auctioneer Blog |access-date=26 January 2020 |language=en |date=2 June 2010}}</ref>
* Second-hand goods – For the sale of consumer [[second-hand good]]s of all kinds, particularly farm (equipment) and house clearances and online auctions.
* Sale of industrial machinery, both surplus or through insolvency.
* [[Thoroughbred]] horses, where yearling horses and other bloodstock are auctioned.<ref>{{Cite web|url=https://inglis.com.au/about/|title=Inglis – Australia's Leading Bloodstock Auctioneers – About Us|website=inglis.com.au|access-date=2019-07-16}}</ref>
* Travel tickets – One example is [[SJ AB]] in Sweden auctioning surplus at Tradera (Swedish eBay).
* Holidays – A variety of holidays are available for sale online particularly via eBay. Vacation rentals appear to be the most common. Many holiday auction websites have launched but failed.<ref>{{cite news| url=http://www.timesonline.co.uk/tol/travel/news/article6998942.ece | archive-url=https://web.archive.org/web/20100522094758/http://www.timesonline.co.uk/tol/travel/news/article6998942.ece | url-status=dead | archive-date=May 22, 2010 | location=London | work=The Times | first1=Susan | last1=d'Arcy | title=Bag a holiday bargain in an online auction | date=2010-01-24}}</ref>
* Mystery auction – An auction where bidders bid for boxes or envelopes containing unspecified or underspecified items, usually on the hope that the items will be humorous, interesting, or valuable.<ref>{{Citation |author1=Ralph Brody |author2=Marcie Goodman |title=Fund-raising events: strategies and programs for success |publisher=Human Sciences Press, 1988 |isbn=978-0-89885-362-9 |date=1988-01-01 |url-access=registration |url=https://archive.org/details/fundraisingevent00brod }}</ref><ref>{{Citation|last=Harold W. Donahue|title=The Toastmaster's Manual|publisher=Kessinger Publishing, 2005|isbn=978-1-4191-5636-6|date=2005-04-01}}</ref> In the early days of [[eBay]]'s popularity, sellers began promoting boxes or packages of random and usually low-value items not worth selling by themselves.<ref>{{Citation|last=Julia L. Wilkinson|title=The Ebay Price Guide: What Sells for What|publisher=No Starch Press, 2006|isbn=978-1-59327-055-1|year=2006}}</ref>
* Some rare [[CryptoKitties]], which are tokens representing virtual cats, have been sold over automated [[blockchain]] auctions for more than $200,000.<ref>{{cite news |title=CryptoKitties explained: Why players have bred over a million blockchain felines |url=https://venturebeat.com/2018/10/06/cryptokitties-explained-why-players-have-bred-over-a-million-blockchain-felines/ |access-date=26 November 2020 |work=VentureBeat |date=6 October 2018}}</ref>

===Other contexts===
* [[Charity auction]]s – Used by nonprofits, higher education, and religious institutions as a method to raise funds for a specific mission or cause both through the act of bidding itself, and by encouraging participants to support the cause and make personal donations. Often, these auctions are linked with another charity event like a [[benefit concert]].<ref>{{cite web|title=Charity Auctions: The Ultimate Guide|url=https://doublethedonation.com/nonprofit-software-and-resources/charity-auctions-guide/|website=Double the Donation|access-date=27 January 2017}}</ref>
* Insurance policies – Auctions are held for second-hand endowment policies. The attraction is that someone else has already paid substantially to set up the policy in the first place, and one will be able (with the help of a financial calculator) to calculate its real worth and decide whether it is worth taking on. Lloyd's, the world's [[reinsurance]] market, runs auctions of syndicate capacity for the [[underwriting]].<ref>{{cite web|title=Lloyd's 2020 Capacity Auction 1 Results, 24 October 2019|publisher=Shares Magazine|url=https://www.sharesmagazine.co.uk/news/market/6645398/LLOYDS-2020-CAPACITY-AUCTION-1-RESULTS|access-date=26 January 2020|archive-date=26 January 2020|archive-url=https://web.archive.org/web/20200126173820/https://www.sharesmagazine.co.uk/news/market/6645398/LLOYDS-2020-CAPACITY-AUCTION-1-RESULTS}}</ref>
* Private treaty sales – Occasionally, when looking at an auction catalog some of the items have been withdrawn. Usually, these goods have been sold by 'private treaty'. This means that the goods have already been sold off, usually to a trader or dealer on a private, behind-the-scenes basis before they have had a chance to be offered at the auction sale. These goods are rarely in single lots – photocopiers or fax machines would generally be sold in bulk lots.
* Environmental auctions, in which companies bid for licenses to avoid being required to decrease their environmental impact. These include auctions in [[emissions trading]] schemes.