Auction

In the current business and commercial environment, many things are sold through auctions. There are many types of auctions. The primary auctions include English auction (also called an open ascending price auction), Dutch auction (also called an open descending price auction), sealed first-price auction (also called a first-price sealed-bid auction (FPSB)), Vickrey auction (also called sealed-bid second-price auction), multi-unit auctions, uniform price auction, and discriminatory price auction. There are also many secondary types and forms of auction such as all-pay auction, combinatorial auction, generalized second-price auction, Lloyd’s syndicate auction, NR (no-reserve auction, also called an absolute auction), reserve auction, reverse auction, silent auction, top-up auction,  walrasian auction (also called Walrasian Tâtonnement), and other auctions. The business sector providing the auction services is itself a most distinctive and extensive field which has formed its very own unique business expressions and terminologies. The auction glossary includes many terminologies such as appraisal, auction block, bidding, buyer's premium, buyout price, commission, consignee, consignor, dummy bid, CMD (caution money deposit), dynamic closing, EMD (earnest money deposit), escrow, hammer price, increment, job lot, knocked down to lot, minimum bid, no reserve, outbid, opening bid, proxy bid (also called aka absentee bid), registration deposit, relisting, reserve price, sniping, and vendor and vendor bid etc.