Prisauksjon

Prisauksjon is a form of auction in which the price of an item is determined through bids from participants rather than being fixed by the seller. The term is used in Norwegian to describe auctions where price discovery through competitive offers is central, and it can refer to several bidding formats that aim to establish the market value of goods or services.

The most common variants are ascending-price auctions, where bidders place increasingly higher offers and the highest bidder wins, and descending-price auctions (Dutch auctions), where the price starts high and falls until a participant accepts. In both formats the winner pays the price at which the auction ends, typically subject to any reserve price set by the seller.

A reserve price is the minimum price the seller is willing to accept. If bids do not reach the reserve, the item may remain unsold. Auctions are conducted in various settings, including online platforms, live events, and hybrid formats. Participants may need to register, and payment and transfer of ownership follow the sale.

Applications of prisauksjon include art, antiques, collectibles, cars, real estate, and other goods where price discovery benefits from competitive bidding. In procurement contexts, price auctions can be used to discover favorable purchase prices from suppliers.

Advantages of prisauksjon include transparent price discovery, potential for competitive and efficient sales, and broad participant involvement. Potential drawbacks involve price volatility, the risk of overpayment in certain formats, and the influence of bidder behavior on outcomes.