Energy & Green Tech

US to hold largest-ever offshore wind farm auction next month

The US government announced Wednesday it will auction more than 480,000 acres off the coasts of New York and New Jersey to build wind farms as part of its campaign to supply renewable energy to more than 10 million homes ...

Business

First-ever NFT sells for $1.47 mn at auction

The first non-fungible token (NFT) ever created sold at auction on Thursday for $1.47 million, Sotheby's said, the latest sale in the technological revolution sweeping the art market.

Business

Dutch government begins auction of 5G frequencies

The Dutch government started an auction Monday of new 5G wireless frequencies, with telecom companies bidding so they can provide customers with the faster mobile communication networks.

Business

Auction houses Sotheby's, Phillips latest to join NFT craze

Sotheby's and Phillips launched so-called NFT auctions on Monday, a month after Christie's sold a digital artwork for $69.3 million, as traditional auction houses seek to capitalize on the craze shaking up the art market.

page 1 from 3

Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price.

This text uses material from Wikipedia, licensed under CC BY-SA