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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. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. In a Dutch auction, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. While auctions are most associated in the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for commodities, livestock, radio spectrum and used cars. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

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  1. ATCclears

    Got $50K+? Al Capone's 1911 goes to auction soon

    Call it Al Capone’s final haul. A trove of family mementos, jewelry and weapons that were once owned by the notorious gangster will be auctioned off by his three surviving granddaughters, who lived in relative obscurity until they emerged in 2019. The collection, which includes Capone’s...
  2. Hunter-H

    surplus auction

    Hi I was reading somewhere on the forum and someone posted something about a surplus auction near Olympia wa . and I was wondering if any one on the forum knows where its at. And the name of the auction house.
  3. S

    First M16 with FA up for auction

    This video says it all...neat piece of history. AR-15 & The First Ever Forward Assist
  4. A

    Gun Auction

    Rock Island Auction in Rock Island, IL Does anyone know anything about this business or has anyone done business or had dealings with these people? I have never purchased anything through an auction before even though I have tried. I've always been outbid by someone with deeper pockets. But...
  5. CountryGent

    Q&A 27: Machine Guns with John Keene

    I found this Q&A session interesting, so thought I'd pass it along. Cheers. :)
  6. CountryGent

    Rock Island Auction Company

    So, I just signed up on Rock Island Auction company's website. The reason being is I am seeing some very nice Mauser C/96 pistols and Astra clones. The overall format is different than other firearms auction sites I've been on, but I'm sure it is just a matter of getting used to a new one...
  7. CountryGent

    Final Prices: James D. Julia Fall 2017 Auction

    Most of the items, pretty much the first half of the video, are transferable machine-guns and destructive devices. Anyway, I thought I'd pass it along in the event it is also interesting to others.
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