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An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then buying the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. In a Dutch auction, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. While auctions are most associated in the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for commodities, livestock, radio spectrum and used cars. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

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  1. cakeforbreakfast

    QLD Non-delivery of unique handmade carpet purchase at Auction from Lloyds.

    Non delivery of goods sold at auction I placed a bid at an online Auction for a handmade Rug. It was valued by the auctioneer as RRP$5999 specifically in the item description. I secured the winning bid for $740 + BP + shipping and insurance and made payment immediately. Some 25 days later...
  2. cakeforbreakfast

    QLD Does eBay's Authenticity guarantee program effect the exemption the website has from being regulated as an Auctioneer?

    'My question relates to the legal status of eBay being defined as ; “a marketplace that allows users to offer, sell, and buy goods and services in various geographic locations using a variety of pricing formats. eBay is not a party to contracts for sale between third-party sellers and...
  3. A

    VIC No Deposit after Auction Sale

    We sold our house 3 weeks ago at Auction. The deposit, unknown to us, was not paid. We were informed a few days later the buyer was pulling out despite a signed contract. We served a default notice 14 days ago and the buyer has disappeared.Did our agent break our contract by not getting a...
  4. S

    VIC Managing Property Assets as a De Facto Couple?

    My partner and I are a registered de facto couple. My partner already owns a property where we currently live. We were advised to only put a new house we want at auction in my name as I'm a first time buyer. Is this correct? We aim to each contribute 50:50 to the home loan so ultimately we...
  5. C

    NSW Manipulative Executor of Will - Ask for Itemised Summary of Money?

    I am one of 4 beneficiaries on my friend's will (she had no family). One of the beneficiaries is also the executor of qill. We knew he had a history of manipulating people to get money and assets but sat back hoping he would do the right things as executor. Our friend's house was recently sold...
  6. C

    QLD Man Sabotages Public Real Estate Auction

    Hi, An investment property my husband and I own went to public auction today. At the auction someone who was present and who lives in a neighbouring street yelled out to everyone at the auction that our house is full of termites and needs a lot of work to be done to it to be liveable. We have...
  7. M

    QLD Agent misleading - Any chance to pull out of auction contract. Any advice would be appreciated.

    Would appreciate some help from any experienced lawyer regarding pulling out of auction contract due to misleading from agent. I have bought a property through auction recently, during the auction agent has told me that currently owner bought this property for $500k 2 years, when his purchased...
  8. zac_2830

    NSW EXTREME faulty car bought at VIC auctions

    Hi all, I've read through a few posts on here to try get some answers, but my case is so extreme, i'm not sure what to do. We recently purchased a car from Melbourne for a reasonable price for what it was. All checks at the auction looked good and mechanically fine. However, the car finally...
  9. K

    NSW Property Law - Selling Property Through Auction?

    I would like to know how I can ensure that the property for which I am one of two executors, and where I presently live, and have the rights of residency so long as I wish, when the time comes for me to move, will sell qhwn the other executor wants to sell via Private Treaty (I have told him the...
  10. M

    VIC Offers before an auction

    i am interested in a house that was put on the market originally for sale. Before the first open, they changed it to forthcoming auction. The agent said he would accept prior offers but all offers must be in by a certain time and date before being considered. Isn't this essentially a...