What does auction mean?

What is an auction?


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What is an auction?

Auctions are auctions. That is, one thing is publicly sold to whoever bids the most. Here's an example:

A collector sells his old, valuable Ferrari racing car. The car is carefully examined before the auction, there is an appraisal and then the collector has a minimum offer in mind. He wants at least 5 million euros for the rare piece. The auctioneer or auctioneer specifies this price and the interested parties bid.

Usually interested parties know about a catalog or an announcement of the date of the auction. They visit the Ferrari and wonder how much it is worth to them. If a collector desperately wants to buy the car, he will register for the auction. He either has to be present himself or he has someone who bids up to a certain amount on his behalf.

A previous bid expires if a higher price is offered in a certain period of time. A private collector and the head of a technical museum would like to get the Ferrari. One bids 5.1 million, the other 5.2 million, then the private collector increases to 5, 3. At the end of the auction, the bidder who was the last to bid and thus made the highest offer wins the bid. In this case, let's say the private collector with 5.3 million.

For example, paintings or sculptures change hands at art auctions. But there are also auctions of the Deutsche Bahn AG, which for example auctioned off suitcases, boxes, bags or clothes to the highest bidder.

With the Internet, a new form of auction has developed: one can look at offers that can be found anywhere in the world from one's computer. Someone makes an offer for sale on a certain page on the Internet, for example at www.eBay.de, or they are looking for something that they absolutely need. If you are over 18 years old, you can register and bid if you are interested. Regardless of whether the coveted piece is in Kiel, Freiburg, Dresden, Zurich, Salzburg, Vienna, Rio or New York.

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