travel and tourism: Auctioning ? Selling a Public Property to the Bidder Who Pays the ...

Tuesday, June 26, 2012

Auctioning ? Selling a Public Property to the Bidder Who Pays the ...

Auction is originated from the word ?auctio?. It refers to selling a public property to the bidder who pays the most. This kind of bidding is very familiar among the most common auctioning systems. There are mainly two major auctions namely public and private auction. Public auction refers to property sale where anyone who is ready to buy can go for it. It is a competitive bidding wherein the bidder who pays the most gets the property. Whereas private auction is not open for public and only certain individuals can bid the property.

Auctioning is defined as auction selling wherein the vendors are ready to sell their goods and buyers are called to bid with high competition with one another in order to attain the property or goods. The major role in auctioning is played by the buyers and vendors ?role is comparatively trivial. At times the bidders due to peer pressure tend to bid more than their capacity. Generally, the person who conducts the auction is not necessarily a vendor.

The auctioneer is a broker who acts as a vendor and has no link with the goods that are up for sale. Auctioning demands an immediate decision by the auctioneer or vendor as to who is the successful bidder. In auctioning, as said before, buyers have major role to play and they are the ones who are in need to buy the goods or property.

Some of the applications of auctioning are mentioned below. Auctioning is considered as the most important and famous method of selling all around the world. In major countries like United States of America, it is considered a major business. This trade was carried over here from England by the people who migrated from England to United States. Survey shows that a number of workers were involved in the auctioning business. Some of the major commodities that were auctioned were tobacco, second hand automobiles, jewelry, antique pieces and many more. Also auctioning is much common when industrial activity is slowed down. This does not mean auctioning occurs only at bad times. There are lots of people who at bad times may not afford to buy some commodities that were on auction and later at good times might be ready to buy those goods.

Auctioning is an age old process that existed around 500 B.C.This is a very famous trade in Rome. This activity was carried on by four teams namely ?dominus?, ?argentarius?, ?praeco? and ?emptor?. Dominus refers to the person on whose behalf the property is being auctioned. Argentarius refers to the person who organizes and finances the auction. Praeco refers to the one who advertised, publicized and conducted the auction. And lastly Emptor refers to the highest bidder who purchased the property. This is the procedure or modus operandi in Rome and is still well known all over the world. Auctioning is prominent in Asian countries like China, Japan and Hong Kong. However, the commodities that are auctioned vary from country to country.

Auctioning - Selling a Public Property to the Bidder Who Pays the Most