Thursday 1 January 2015

English Auction

Authored by Fahad Amjad

Auction is a way or a activity of buying and selling of different goods and services through different bidding process. There are different types of auctions which are used for the buying and selling purpose of goods and services.

English auction is the most recurrent and and typical type of the auction, a type of forward auction. It is also commonly known as open price auction. In its whole process single item offered for sale. Bidding begins at a low price and gradually it starts to get on a higher side or start rising as other bidders accept the prices or call out the higher bids. This whole process of bidding continues till either not a single auctioneer willing to bid further or until no higher bids received further. The Most significant factor of English Auction is it is the type of a auction in which current highest bid is always available to the potential bidders. This auction frequently used for selling different kind of goods e.g secondhand goods, construction based or some antiques and artworks.