Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Tips About Auctions and other Auction topics.
An auction is an expedited buying interaction -- allowing a seller to sell goods quickly for the highest possible prices, and the buyer to acquire goods quickly for the lowest competitive price. An auction service, either a company or online service that manages an auction, profits by charging a certain percentage to the seller.
The auction is conducted by the seller listing the product, accepting bids for a certain time period, and then selling the product to the highest bidder. Many items at an auction will have a reserve price. The reserve price is the minimum price that the bidding must reach in order for the goods to be sold.