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Auction

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Auction
A system where potential buyers place competitive bids on assets and services.
    
An auction is a process of buying and selling goods or services by offering them up for Bid, taking bids, and then selling the item to the winning bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for Exchange. The asset or service in question Will sell to the party that places the highest Bid. In most cases, sellers Will pay a listing fee to the auctioneer, regardless of whether the item actually sells for the desired price.
    
There are several variations on the basic auction form, including time limits, minimum or maximum limits on Bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. Auctions are generally funded by a sales Commission paid by the seller to the auctioneer or auction company. In addition to this there is sometimes a buyer's Premium on the hammer price.
Posted by  Spintelligent (Pty) Ltd
 
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