The rules of an auction
Whether online or offline, auctions are quite popular and have been a major attraction for businessmen as well as common folks and it existed as far as one can trace back in history. Auctions have existed since the dawn of time, and they simply continued evolving alongside its society. In case you are new to auctioning or if you want to skim through the basic rules, here are the basic steps that can be seen at a regular auction.
1) Person X wants to sell an object.
There is an object in which you wish to sell, but do not know how much it could go for; in that case, it may be better to have it shown to everyone. (It is also quite possible that you know the value of the object, but simply want to fetch the highest price possible.)
2) Person X brings the object to an auctioneer
After setting a base price for your object, it is then given to an auctioneer. This so-called auctioneer can either be a real person or a website that acts as a virtual mediator.
3) The auction opens; war rages on
The auction is shown to the public (which does not apply to a silent auction) people then bid on the object; if Person A...
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