auctions
From flipping to white glove sales, here are terms to know before you attend an auction.
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory.
There are many types of auctions. Learn the various auction types and when each one is used based on the lot. You may be surprised that...
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Fliers on some airlines can upgrade at a discounted rate to avoid what could be a cramped flight. With some cruise ships and even Amtrak getting in on the act, is bidding up worth it?
Learn everything you need to know about an ad exchange, from how they function to their impact on advertising success. Here's an A to Z guide.
Auction houses and galleries are getting creative, partnering to drive demand and give their clients access to the best works.
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How easy is it to fall into auction addiction? Here we examine how one site, Quibids, tried its hand at behavioral design.
A broad overview of market mechanisms, with an emphasis on the interplay between theory and real-life applications; examples range from eBay auctions to scho...
The estate-sale industry is fragile and persistent in a way that doesn’t square with the story of the world as we have come to expect it.
Collectors fluent in catalogue symbology can see which lots are locked in, which might lead to surprising results, and how an entire auction is likely to go.
A Nobel-Prize winner spent years designing an auction to sell off the airwaves, which are owned by the public. But Wall Street found a tiny flaw. | Subscribe to our weekly newsletter here.
Prices for works by some relatively new artists have skyrocketed, seemingly overnight.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 was awarded jointly to Paul R. Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats"
Atreus provides a complete platform for selling and buying by online auction that includes several auctions types, auction management software, auction as a service solution (SaaS platform), Auctions API, bidding platform, custom auctions solutions.
Insiders may already know who’s going to buy what for how much, and lots are presented in a certain order just to build excitement.
As Christie’s, Sotheby’s and others vie to lure sellers of big-name artworks, analysts wonder if the houses are running oversize risks.
Their business model harkens to the 1700s, but the fight for buyers has moved to the internet and to Asia.
Even as auction house salesrooms have gone quiet amid the pandemic, Christie’s, Phillips’s, and Sotheby’s private sales departments are keeping busy.
A Vickrey–Clarke–Groves (VCG) auction is a type of sealed-bid auction of multiple items. Bidders submit bids that report their valuations for the items, without knowing the bids of the other bidders. The auction system assigns the items in a socially optimal manner: it charges each individual the harm they cause to other bidders. It gives bidders an incentive to bid their true valuations, by ensuring that the optimal strategy for each bidder is to bid their true valuations of the items; it can be undermined by bidder collusion and in particular in some circumstances by a single bidder making multiple bids under different names. It is a generalization of a Vickrey auction for multiple items.