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Though restoration of an historic home can be a daunting task, national and local grants and tax breaks can make it a worthwhile project for homeowners. Research the history of your home before you begin. Look for photos of the home in news archives and at your local library so you can restore its original appearance. If you can't... more »
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The hobby of stamp collecting is not just the accumulation of postage stamps but also other related items. It might also include the packages and envelopes that have been sent through the mail, with stamps attached to them. Stamps are an added source of revenue for the postal service through collectors. It's estimated that there are... more »
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An auction is a process by which potential buyers bid on items offered for sale. The item goes to the highest bidder. This process helps determine... more »
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. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.
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. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price.
History of the auction
The word "auction" is derived from the Latin Krishna, 2002: p2">[[#Krishna2002|Krishna, 2002: p2
For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities. In practice, both Shubik, 2004: p214">[[#Shubik|Shubik, 2004: p214
Nonetheless, auctions have a long history, having been recorded as early as 500 B.C.Krishna, 2002: p1 According to Herodotus, in Babylon auctions of women for marriage were held annually. The auctions began with the woman the auctioneer considered to be the most beautiful and progressed to the least. It was considered illegal to allow a daughter to be sold outside of the auction method."#Shubik|Shubik, 2004: p214" />
During the Roman Empire, following military victory, Roman soldiers would often drive a spear into the ground around which the spoils of war were left, to be auctioned off. 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."#Shubik|Shubik, 2004: p214" />.
The Romans also used auctions to liquidate the assets read more at » http://en.wikipedia.org/wiki/Auction
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