auksjon

Auksjon is a form of public sale in which goods or services are sold to the highest bidder. An auction is typically conducted by an auctioneer who calls out prices as bidders raise their hands or use bidding devices. The winning bid becomes the hammer price; buyers usually pay the bid amount plus any buyer's premium or fees. Ownership passes to the buyer after payment and any required documentation is processed.

There are several auction formats. In an English auction the price rises as bidders bid until no higher bid is offered. In a Dutch auction the price is lowered until a bidder accepts the current price. Sealed-bid auctions entail submitting one confidential bid, with the highest bid winning when bids are opened. Online auctions are increasingly common and can combine elements of several formats.

Before bidding, items are described and may be inspected. Bids typically advance in fixed increments. Some auctions have a reserve price—the minimum amount the seller will accept; items may be withdrawn if the reserve is not met. After a successful bid, the buyer pays in full and arranges collection or delivery; the auction house or platform may charge a buyer's premium and/or seller commission. Returns or guarantees vary by jurisdiction and listing.

Auctions are used for art and antiques, collectibles, vehicles, real estate, and industrial equipment. They are regulated by general contract law and consumer protection rules in most jurisdictions. Online auctions introduce additional considerations, including authentication, authenticity guarantees, and dispute resolution.

Etymology: The term auksjon is cognate with the English "auction," deriving from Latin auctio via French and German, referring to a public sale by bidding.