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Here is a short description of the most common types of auction.

Here is a short description of the most common types of auction.Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction.

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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.Sometimes, other unpredictable processes, such as a footrace, 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.Later slaves, often captured as the "spoils of war", were auctioned in the forum under the sign of the spear, with the proceeds of sale going towards the war effort.One of the most significant historical auctions occurred in the year 193 A. when the entire Roman Empire was put on the auction block by the Praetorian Guard.The London Gazette began reporting on the auctioning of artwork at the coffeehouses and taverns of London in the late 17th century.was founded in London on 11 March 1744, when Samuel Baker presided over the disposal of "several hundred scarce and valuable" books from the library of an acquaintance.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 highest bidder.The open ascending price auction is arguably the most common form of auction in use today.Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first unique price or some other.Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought.

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