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An auction is where several potential buyers repeatedly bid on an item usually within a certain timeframe and with knowledge of other buyers’ bids. The item is then sold to the highest bidder. The auction model has many variations involving the number of sellers and buyers, limits on bid prices, time limits, open or sealed bids, open or secret reserve prices, and rules for determining winning bidder and sales price. The auction broker often charges the buyer or seller a listing fee and/or commission based on the value of the transaction.
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A Bit Of Trivia

Auctions have a long history, tracing back to 500 B.C. It is a popular method of placing value on items or services that are considered to be invaluable, i.e. historical pieces or art.



eBay is an online marketplace that hosts sellers ranging from large companies to individuals. This multi-billion dollar company has various revenue models including listing and advertising fees. Consumers are connected globally to buyers which either sell products through auction or fixed-pricing.

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For The SME

This model works well for selling items or services that are considered to be one-of-a-kind, unique, rare, or invaluable. This includes antiques, historical pieces, art, livestock, and land. This model is also suitable for second-hand or used items such as vehicles, bicycles, electronics, or appliances.

One example is Schmidt's Antiques