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auction
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auction

Sale of goods or property in public to the highest bidder. There are usually conditions of sale by which all bidders are bound. Long-established world auctioneers are Christie's and Sotheby's. The Internet-based eBay, founded in 1995, is a global online auction site.

A bid may be withdrawn at any time before the auctioneer brings down the hammer, and the seller is likewise entitled to withdraw any lot before the hammer falls. It is illegal for the seller or anyone on their behalf to make a bid for their own goods unless their right to do so has been reserved and notified before the sale. Christie's New York chairman, Donald Bathurst, resigned after he was found to have falsely stated that some paintings had been sold, a practice known as ‘buying-in’. ‘Rings’ of dealers agreeing to keep prices down are illegal. A reserve price is kept secret, but an upset price (the minimum price fixed for the property offered) is made public before the sale. An auction where property is first offered at a high price and gradually reduced until a bid is received is known as a Dutch auction.



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com, the Manhattan-based company that provides real time Internet bidding capability to more than 130 auction houses, has signed a lease for 3,700 s/f of office space on the second floor of the building, 261 11th Avenue.
com is the pre-eminent supplier of live online auction technology and services to some of the world's most prestigious galleries and industrial auction houses and operates one of the largest eBay Live Auction sales and support centers in the world.
Utilizing NAALive's real-time software, auction houses broadcast over the Internet and online bidders participate in live auctions as if they were physically present at the auction.
 
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