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You can claim the refund within 10 days from the purchase date. An 18th century Chinese meiping porcelain vase.

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. Use of any such support services is governed by the WP Dating. Subject to a validly met Software Product License, WP Dating. NOTICE TO USER This End User License Agreement EULA is a CONTRACT auction dating website you either an individual, company or a single entity and WP Dating. Naked people riding bikes downtown this weekend. At this time, Christie's established a reputation as a leading auction responsible, taking advantage of London's status as the major centre of the international art trade after the. Annales d'Économie et de Statistique. If you do not agree to the terms of this EULA, then do not install or use the Software Product or the Software Product License. The Ring also used auctions to the assets of debtors whose property had been confiscated.

In another notable hoax, in August 1999, an alleged 17-year-old male American high school senior named Francis D. You may not create derivative copies of the Software Product License. Best Dating Software AdvanDate has been nominated in the categories for Best Dating Software and Best Affiliate Program from the International Dating Conference iDate.

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An American auctioneer at a livestock auction, November 2010 An auction is a process of or by offering them up for , taking bids, and then selling the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves or have a proxy call out a bid on their behalf , or bids may be submitted electronically with the highest current bid publicly displayed. In a , the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. While auctions are most associated in the public imagination with the sale of , paintings, rare and expensive , auctions are also used for , , and. In , an auction may refer to any mechanism or set of trading rules for exchange. For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities. In practice, both and sale by set-price have been significantly more common. Indeed, before the seventeenth century the few auctions that were held were sporadic. Nonetheless, auctions have a long history, having been recorded as early as 500 B. According to Herodotus, in auctions of women for 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. During the , 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. The Romans also used auctions to the assets of debtors whose property had been confiscated. For example, sold household furniture to pay off debts, the sales lasting for months. One of the most significant historical auctions occurred in the year 193 A. On 28 March 193, the Praetorian Guard first killed emperor , then offered the empire to the highest bidder. Didius was then two months later when conquered Rome. From the end of the Roman Empire to the eighteenth century auctions lost favor in Europe, while they had never been widespread in Asia. Modern revival A Peep at Christies 1796 — caricature of actress and huntsman examining paintings at Christie's, by In some parts of England during the seventeenth and eighteenth centuries began to be used for the sale of goods and leaseholds. In a candle auction, the end of the auction was signaled by the expiration of a flame, which was intended to ensure that no one could know exactly when the auction would end and make a last-second bid. Sometimes, other unpredictable processes, such as a , were used in place of the expiration of a candle. This type of auction was first mentioned in 1641 in the records of the House of Lords. Pepys also relates a hint from a highly successful bidder, who had observed that, just before expiring, a candle-wick always flares up slightly: on seeing this, he would shout his final - and winning - bid. The began reporting on the auctioning of artwork at the and of London in the late 17th century. The Microcosm of London 1808 , an engraving of auction room The first known in the world was , Stockholms Auktionsverk , founded by Baron Claes Rålamb in 1674. Other early auction houses that are still in operation include 1707 , Mallams 1788 , 1793 , 1796 , 1805 and 1826. By the end of the 18th century, auctions of art works were commonly held in and. These auctions were held daily, and were printed to announce available items. In some cases these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned. At this time, Christie's established a reputation as a leading auction house, taking advantage of London's status as the major centre of the international art trade after the. During the goods seized by armies were sold at auction by the of the division. Thus, some of today's auctioneers in the U. The development of the internet, however, has led to a significant rise in the use of auctions as auctioneers can solicit bids from a wide range of buyers in a much wider range of commodities than was previously practical. This type of auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves or have a proxy call out a bid on their behalf , or bids may be submitted electronically with the highest current bid publicly displayed. In some cases a maximum bid might be left with the auctioneer, who may bid on behalf of the bidder according to the bidder's instructions. The auction ends when no participant is willing to bid further, at which point the highest bidder pays their bid. Alternatively, if the seller has set a minimum sale price in advance the 'reserve' price and the final bid does not reach that price the item remains unsold. Sometimes the auctioneer sets a minimum amount by which the next bid must exceed the current highest bid. The most significant distinguishing factor of this auction type is that the current highest bid is always available to potential bidders. The English auction is commonly used for selling goods, most prominently antiques and artwork, but also secondhand goods and. In the traditional Dutch auction the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. If the first bidder does not purchase the entire lot, the auctioneer continues lowering the price until all of the items have been bid for or the reserve price is reached. Items are allocated based on bid order; the highest bidder selects their item s first followed by the second highest bidder, etc. In a modification, all of the winning participants pay only the last announced price for the items that they bid on. The Dutch auction is named for its best known example, the Dutch auctions. In addition to cut flower sales in the , Dutch auctions have also been used for perishable commodities such as fish and tobacco. The Dutch auction is not widely used, except in market orders in stock or currency exchanges, which are functionally identical. In this type of auction all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted. This type of auction is distinct from the English auction, in that bidders can only submit one bid each. Furthermore, as bidders cannot see the bids of other participants they cannot adjust their own bids accordingly. From the theoretical perspective, this kind of bid process has been argued to be strategically equivalent to the. However, empirical evidence from laboratory experiments has shown that Dutch auctions with high clock speeds yield lower prices than FPSB auctions. What are effectively sealed first-price auctions are commonly called tendering for by companies and organisations, particularly for government contracts and auctions for mining leases. This is identical to the sealed first-price auction except that the winning bidder pays the second-highest bid rather than his or her own. Vickrey auctions are extremely important in auction theory, and commonly used in automated contexts such as , but rarely in non-automated contexts. This type can be further classified as either a or a. The highest bidder wins the item. All-pay auctions are primarily of academic interest, and may be used to model lobbying or bribery bids are political contributions or competitions such as a running race. A type of auction, used in England for selling ships, in which the highest bid laid on the table by the time a burning candle goes out wins. When an auction's time expires, the highest bidder wins the item and must pay a final bid price. Unlike in a conventional auction, the final price is typically much lower than the value of the item, but all bidders not just the winner will have paid for each bid placed; the winner will buy the item at a very low price plus price of rights-to-bid used , all the losers will have paid, and the seller will typically receive significantly more than the value of the item. If no bidder chooses to utilize the buyout option before the end of bidding the highest bidder wins and pays their bid. Buyout options can be either temporary or permanent. In a temporary-buyout auction the option to buy out the auction is not available after the first bid is placed. In a permanent-buyout auction the buyout option remains available throughout the entire auction until the close of bidding. The buyout price can either remain the same throughout the entire auction, or vary throughout according to rules or simply as decided by the seller. That is, a bidder can specify that he or she will pay for items A and B, but only if he or she gets both. In combinatorial auctions, determining the winning bidder s can be a complex process where even the bidder with the highest individual bid is not guaranteed to win. When the bidding starts no new bidders can join, and each bidder must continue to bid each round or drop out. It has similarities to the in. In the early days of 's popularity, sellers began promoting boxes or packages of random and usually low-value items not worth selling by themselves. From the seller's perspective, advertising an auction as having no can be desirable because it potentially attracts a greater number of bidders due to the possibility of a bargain. If more bidders attend the auction, a higher price might ultimately be achieved because of heightened competition from bidders. This contrasts with a reserve auction, where the item for sale may not be sold if the final bid is not high enough to satisfy the seller. In these cases a set 'reserve' price known to the auctioneer, but not necessarily to the bidders, may have been set, below which the item may not be sold. If the seller announces to the bidders the reserve price, it is a public reserve price auction. In contrast, if the seller does not announce the reserve price before the sale but only after the sale, it is a secret reserve price auction. The reserve price may be fixed or discretionary. In the latter case, the decision to accept a bid is deferred to the auctioneer, who may accept a bid that is marginally below it. A reserve auction is safer for the seller than a no-reserve auction as they are not required to accept a low bid, but this could result in a lower final price if less interest is generated in the sale. While ordinary auctions provide suppliers the opportunity to find the best price among interested buyers, reverse auctions give buyers a chance to find the lowest-price supplier. This, coupled with the dynamic bidding process, improves the chances of reaching the fair market value of the item. The top two bidders must pay their full final bid amounts, and only the highest wins the auction. The intent is to make the high bidders bid above their upper limits. In the final rounds of bidding, when the current losing party has hit their maximum bid, they are encouraged to bid over their maximum seen as a small loss to avoid losing their maximum bid with no return a very large loss. At the predetermined end of the auction, the highest listed bidder wins the item. Other variations of this type of auction may include sealed bids. The highest bidder pays the price he or she submitted. Losing bidders must pay the difference between their bid and the next lowest bid. The winning bidder pays the amount bid for the item, without top-up. The auctioneer progressively either raises or drops the current proposed price depending on the bids of both buyers and sellers, the auction concluding when supply and demand exactly balance. As a high price tends to dampen demand while a low price tends to increase demand, in theory there is a particular price somewhere in the middle where supply and demand will match. Once only two bidders remain, each submits a sealed bid. The higher bidder wins, paying either the first or second price. Both finalists receive a premium: a proportion of the excess of the second price over the third price at which English auction ended. 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. Here is a short description of the most common types of auction. This section possibly contains. Please by the claims made and adding. Statements consisting only of original research should be removed. A government auction is simply an auction held on behalf of a government body generally at a general sale. Also in this group you will find auctions ordered by executors who are entering the assets of individuals who have perhaps died in testate those who have died without leaving a will , or in debt. Led by sites in the United States but closely followed by UK auction houses, specialist Internet auctions are springing up all over the place, selling everything from antiques and collectibles to holidays, air travel, brand new computers, and household equipment. Every year several of these specialist auctions take place. 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. 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. 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. Often, these auctions are linked with another charity event like a. This section does not any. Unsourced material may be challenged and. June 2008 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. This section does not any. Unsourced material may be challenged and. Without modification, auction generally refers to an open, demand auction, with or without a or reserve , with the item sold to the highest bidder. Sometimes very large numbers of stock are auctioned, such as the regular sales of 50,000 or more sheep during a day in. Property seized for non-payment of , or under , is sold in this manner. One example is in Sweden auctioning surplus at Tradera Swedish eBay. A variety of holidays are available for sale online particularly via eBay. Vacation rentals appear to be most common. Many holiday auction websites have launched but failed. Several television shows focus on such auctions, including and. Although less publicly visible, the most economically important auctions are the commodities auctions in which the bidders are even up to level. These include auctions in schemes. The auction is usually sealed and the uniform price paid by the investors is typically the best non-winning bid. An 18th century Chinese meiping porcelain vase. In 2005, a 14th-century Chinese porcelain piece was sold by the for 16 million, or US28 million. It set a world auction record for any ceramic work of art. In this model an item valuation derives from the sale of the acquired items via their demand distribution, sale price, acquisition cost, salvage value and lost sales. They established monotonicity properties for the value function and the optimal dynamic bid policy. They also provided a model for the case in which the buyer must acquire a fixed number of items either at a fixed buy-it-now price in the open market or by participating in a sequence of auctions. The objective of the buyer is to minimize his expected total cost for acquiring the fixed number of items. 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. Chandelier or rafter bidding This is the practice, especially by high-end art auctioneers, of raising false bids at crucial times in the bidding 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. The practice is frowned upon in the industry. In the United States, chandelier bidding is not illegal. In fact, an auctioneer may bid up the price of an item to the reserve price, which is an unstated amount the consignor will not sell the item for. However, the auction house is required to disclose this information. In the this practice is legal on property auctions up to but not including the reserve price, and is also known as off-the-wall bidding. Collusion This section does not any. Unsourced material may be challenged and. The difference in price between the two auctions could then be split among the members. This form of a ring was used as a central plot device in the opening episode of the 1979 British television series The House of Caradus, 'For Love or Money', uncovered by Helena Caradus on her return from Paris. A ring can also be used to increase the price of an auction lot, in which the owner of the object being auctioned may increase competition by taking part in the bidding him or herself, but drop out of the bidding just before the final bid. In Britain and many other countries, rings and other forms of bidding on one's own object are illegal. This form of a ring was used as a central plot device in an episode of the British television series series 4, episode 3 , in which the price of a watercolour by the fictional Jessie Webb is inflated so that others by the same artist could be sold for more than their purchase price. 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 or she wants to make sure to be invited to the next auction. In Australia, a dummy bid , schill is a criminal offence, but a vendor bid or a co-owner bid below the 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. In South Africa auctioneers can use their staff or any bidder to raise the price as long as its disclosed before the auction sale. The Auction Alliance controversy focused on vendor bidding and it was proven to be legal and acceptable in terms of the South African consumer laws. Suggested opening bid SOB This section does not any. Unsourced material may be challenged and. May 2014 There will usually be an estimate of what price the lot will fetch. In an ascending open auction it is considered important to get 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. This is due to the increase in the number of bidders attracted by the low SOB. A shows many low bids but few high bids. Another approach to choosing an SOB: The auctioneer may achieve good success by asking the expected final sales price for the item, as this method suggests to the potential buyers the item's particular value. They announce the rules of the auction and the item s being auctioned, call and acknowledging bids made, and announce the winner. They generally will call the auction using auction chant. Depending on the jurisdiction the buyer's premium, in addition to the sales price, may be subject to or. The consignor maintains title until such time that an item is purchased by a bidder and the bidder pays the auction house. An auctioneer may decrease the increment when it appears that bidding on an item may stop, so as to get a higher hammer price. Alternatively, a participant may offer a bid at a smaller increment, which the auctioneer has the discretion to accept or reject. The opening bid must be at least the minimum bid, but may be higher e. Artists represented by major galleries typically expect this kind of protection from their dealers. The bid is sometimes a dummy bid see definition but not always. Walsh A Handy Book Of Curious Information Comprising Strange Happenings in the Life of Men and Animals, Odd Statistics, Extraordinary Phenomena and Out of the Way Facts Concerning the Wonderlands of the Earth. Retrieved 3 December 2008. James Christie conducted the first sale in London on 5 December 1766. Retrieved 21 June 2017. International Journal of Electronic Commerce. Retrieved 13 November 2012. Archived from on 2013-01-17. Retrieved 25 May 2018. The American Economic Review. Annales d'Économie et de Statistique. Retrieved 19 January 2014. Retrieved 27 January 2017. Retrieved 2 June 2017. Retrieved 27 January 2017. Retrieved 25 May 2018. Retrieved 25 May 2018. Retrieved 27 January 2017. Retrieved 8 December 2016. Wickman's Fine Wine Auctions. Auction theory: A guide to the literature.