The auction system of selling goods has been used for many hundreds of years the world over. Whether held publicly or privately, auctions are used in various contexts and pretty much any item can be sold at auction. It is, however, most common to see auctions used as point of sale for the following items of merchandise: •Property – in particular, luxury homes and real estate. The auction system of selling is also very common in the sale of residential property, business premises, vacant lots, rural properties and other commercial holdings. •Antiques. The antique business is booming, with items sold to highest bidders and also available for trade. Antique collectibles are desired for their history, beauty, rarity and sentimental reasons. Many auctions of antiques are conducted by dedicated antique dealers. •Other collectibles, which range over a wide and varied array of goods: these may include stamp collections, rare books, coins, fine art pieces, vintage or classic cars, photography collections, etc •Wines. Serious wine connoisseurs and collectors will bid for and pay top dollar for rare wines, mature vintages, and valuable bottles which are not readily available (if at all) in the retail market. •Second-hand goods: one man’s trash is another’s treasure. This is an area where home contents clearances and online auctions are popular. •Livestock: farmers will frequently buy and sell large numbers of sheep, cattle, pigs and other livestock at auction. Additionally, bloodstock (thoroughbred horses, racehorses and yearling horses) are sold via auction. •Wool. International sales and purchases of wool in large amounts takes place at auction. •Businesses to be sold are often placed for sale at auction. •Property which has been reclaimed by the mortgager (eg bank) when the mortgagee defaults on repayments will be usually sold by the bank at auction •Vacation rental holidays are frequently to be found for bidding on sites such as ebay •Automotive auctions – used cars, motorcycles, and trade vehicles are bought and acquired by dealers who then sell these back to the general public •Fresh produce, including fruit and vegetables, ocean catches, etc. These are bought in bulk by wholesale buyers who then sell-on. •Electricity: large-scale consumers and generators of power may bid on contracts to generate electricity These are just a sample of products which are commonly sold at auction in Australia and in other industrialised nations. The auction system allows the vendor to realise the highest possible price for their goods.Links:
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