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96-627: The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse contexts . These contexts include antiques , paintings , rare collectibles , expensive wines , commodities , livestock , radio spectrum , used cars , real estate , online advertising , vacation packages, emission trading , and many more. The word "auction"

192-457: A family home being sold by the heirs). However, more recently, selling at auction has become an alternative to a normal property sale, due to the speedy nature of the entire process. In China, land auctions are under the sole control of local government officials. Because some developers may use bribes to please government officials to obtain the right to purchase the land, the central government requires that future land auctions be conducted using

288-405: A spectrum auction in order to prevent the spread of corruption. Although this method cannot completely solve the problem of corruption, it is still a significant contribution to the auction. A government auction is simply an auction held on behalf of a government body generally at a general sale. Items for sale are often surplus needed to be liquidated. Auctions ordered by estate executors enter

384-415: A Dutch auction with a reduced number of bidders. A French auction is a preliminary sealed-bid auction before the actual auction, whose reserve price it determines. A sequential auction is an auction where the bidders can participate in a sequence of auctions. A Calcutta auction is a subtype of sequential auction, where the ordering in the sequence is determined by random. A simultaneous ascending auction

480-482: A bidder can specify that they will pay for items A and B, but only if they get both . In combinatorial auctions, determining the winning bidder(s) can be a complex process where even the bidder with the highest individual bid is not guaranteed to win. For example, in an auction with four items (W, X, Y and Z), if Bidder A offers $ 50 for items W & Y, Bidder B offers $ 30 for items W & X, Bidder C offers $ 5 for items X & Z and Bidder D offers $ 30 for items Y & Z,

576-612: A candle. This type of auction was first mentioned in 1641 in the records of the House of Lords. The practice rapidly became popular, and in 1660 Samuel Pepys ' diary recorded two occasions when the Admiralty sold surplus ships "by an inch of candle". Pepys also relates a hint from a highly successful bidder who had observed that, just before expiring, a candle-wick always flares up slightly: on seeing this, he would shout his final – and winning – bid. The London Gazette began reporting on

672-641: A cash economy, it was essential to raise one's esteem with fellow craftsmen to whom one could turn for favors in preference to the Verlag capitalist. A restaurant in Greece is commonly known as a taverna . Their history begins in Classical times, with the earliest evidence of a taverna discovered at the Ancient Agora of Athens ; the style remains the same to this day. Greek tavernes (plural of taverna) are

768-437: A chance to find the lowest-price supplier. During a reverse auction, suppliers may submit multiple offers, usually as a response to competing suppliers' offers, bidding down the price of a good or service to the lowest price they are willing to receive. A reverse price auction is not necessarily 'descending-price' — the reverse Dutch auction is an ascending-price auction because forward Dutch auctions are descending. By revealing

864-620: A confederation of art and antique associations across 21 countries that represents 5,000 dealers. The common definition of antique is a collectible object such as a piece of furniture or work of art that has an enhanced value because of its considerable age, but it varies depending on the item, its source, the year of its creation, etc. The customary definition of antique requires that an item should be at least 100 years old and in original condition. (Motor vehicles are an exception to this rule, with some definitions requiring an automobile to be as little as 25 years old to qualify as an antique. ) In

960-534: A day in New South Wales . In timber auctions, companies purchase licenses to log on government land. In timber allocation auctions, companies purchase timber directly from the government. In electricity auctions , large-scale generators and distributors of electricity bid on generating contracts. Produce auctions link growers to localized wholesale buyers (buyers who are interested in acquiring large quantities of locally grown produce). Online auctions are

1056-761: A form of E-commerce that relies on the advantages of a digital platform's ability to overcome geographical constraints, provide real-time information and reduce transaction costs, bringing greater convenience to people and allowing more people to participate as bidders, as well as being able to view a greater selection of auctions. Websites like eBay provide a potential market of millions of bidders to sellers. Established auction houses, as well as specialist internet auctions, sell many things online, from antiques and collectibles to holidays, air travel, brand new computers, and household equipment. Private electronic markets use combinatorial auction techniques to continuously sell commodities (coal, iron ore, grain, water, etc.) online to

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1152-431: A greater number of bidders due to the possibility of a bargain. If more bidders attend the auction, a higher price might ultimately be achieved because of heightened competition from bidders. This contrasts with a reserve auction , where the item for sale may not be sold if the final bid is not high enough to satisfy the seller. In practice, an auction advertised as "absolute" or "no-reserve" may nonetheless still not sell to

1248-574: A higher price. In 2008, the US National Auctioneers Association reported that the gross revenue of the auction industry for that year was approximately $ 268.4 billion, with the fastest growing sectors being agricultural, machinery, equipment, and residential real estate auctions. The auctions with the largest revenue for the government are often spectrum auctions (typical revenue is estimated in billions of euros) and quota auctions. In 2019, Russia's crab quota

1344-425: A market of multiple goods. The auctioneer progressively either raises or drops the current proposed price depending on the bids of both buyers and sellers, the auction concluding when supply and demand exactly balance. As a high price tends to dampen demand while a low price tends to increase demand, in theory there is a particular price somewhere in the middle where supply and demand will match. A Barter double auction

1440-429: A move towards "gastro" pubs where the menu is more ambitious. Originally, taverns served as rest stops about every fifteen miles and their main focus was to provide shelter to anyone who was traveling. Such taverns would be divided into two major parts – the sleeping quarters and the bar . There is generally a sign with some type of symbol, often related to the name of the premises, to draw in customers. The purpose of this

1536-814: A piece of red sealing wax that bears the government chop to verify the date of the antique. The government of the People's Republic of China has its own definitions of what it considers antique . As of the Cultural Revolution and China's opening trade to other countries, the government has tried to protect the definition of a Chinese antique. Antiquing is the act of shopping, identifying, negotiating, or bargaining for antiques. People buy items for personal use, gifts, or profit. Sources for antiquing include garage sales and yard sales, estate sales , resort towns, antique districts, collectives , and international auction houses. Note that antiquing also means

1632-538: A pre-qualified group of buyers (based on price and non-price factors). Furthermore, online auctions facilitate the process for prospective bidders to discover and evaluate items by enabling searches across numerous auctions and employing filters to refine their selections. Antiques An antique (from Latin antiquus  'old, ancient') is an item perceived as having value because of its aesthetic or historical significance, and often defined as at least 100 years old (or some other limit), although

1728-686: A recent addition. In Byzantine times, tavernes were the place for a social gathering, to enjoy a meal, live music and friendly talk with a drink accompanied by small variety dishes ( mezes ). In former Yugoslavia, the kafana serves food and alcoholic beverages. The most frequent Czech translation of tavern or pub is "hospoda". It comes out from hospodář (landlord) and is also close to hostitel (host), host (guest) and hostina (dinner, banquet). And also to Russian gospodin (master, lord, sir) and, not to forget, to hospitality . Traditionally, "hospoda" or "hostinec" were full-fledged facilities, providing lodging, meals and drink, an inn . In modern times,

1824-479: A response to their bids. These traffic lights depend on the position of the last bid in the distribution of all bids. A buyout auction is an auction with an additional set price (the 'buyout' price) that any bidder can accept at any time during the auction, thereby immediately ending the auction and winning the item. This means that if an item offers its buyout price at the beginning, one participant can stop all other potential participants from bidding at all, or stop

1920-400: A running race. Bidding fee auction , a variation of all-pay auction, also known as a penny auction, often requires that each participant must pay a fixed price to place each bid, typically one penny (hence the name) higher than the current bid. When an auction's time period expires, the highest bidder wins the item and must pay a final bid price. Unlike in a conventional auction, the final price

2016-479: A sealed-bid auction, bidders only get to know if their bid was the best. Best/not best auctions are sealed-bid auctions with multiple bids, where the bidders submit their prices like in English auction and get responses about the leadership of their bid. Rank auction is an extension of best/not best auction, where the bidders also see the rank of their bids. Traffic-light auction shows traffic lights to bidders as

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2112-477: A spear into the ground around which the spoils of war were left, to be auctioned off. Slaves, often captured as the "spoils of war", were auctioned in the Forum under the sign of the spear, with the proceeds of sale going toward the war effort. The Romans also used auctions to liquidate the assets of debtors whose property had been confiscated. For example, Marcus Aurelius sold household furniture to pay off debts,

2208-414: A time, rather than having separate auctions for each. This type can be further classified as either a uniform price auction or a discriminatory price auction . An example for them is spectrum auctions . A combinatorial auction is any auction for the simultaneous sale of more than one item where bidders can place bids on an "all-or-nothing" basis on "packages" rather than just individual items. That is,

2304-400: A variety of types and categories, which are sometimes not mutually exclusive. Typification of auctions is considered to be a part of Auction theory . The economists Paul Milgrom and Robert B. Wilson were awarded the 2020 Nobel Prize for the introduction of new auction types (or formats). Auction types share features, which can be summarized into the following list. Auctions can differ in

2400-417: Is "silent" in that there is no auctioneer selling individual items; the bidders write their bids on a bidding sheet often left on a table near the item. At charity auctions, bid sheets usually have a fixed starting amount, predetermined bid increments, and a "guaranteed bid" amount which works the same as a "buy now" amount. Other variations of this type of auction may include sealed bids. The highest bidder pays

2496-421: Is a common method for the sale of real estate . Auctions were traditionally used as an alternative to the private sale/treaty method to sell property that, due to their unique characteristics, were difficult to determine a price for. The law does not require a vendor to disclose their reserve price prior to the auction. During the 1990s and 2000s, auctions became the primary method for the sale of real estate in

2592-537: Is a popular area of antiques because furniture has obvious practical uses as well as collector value. Many collectors use antique furniture pieces in their homes, and care for them with the hope that the value of these items will remain same or appreciate. This is in contrast to buying new furniture, which typically depreciates from the moment of purchase. Antique furniture includes dining tables, chairs, bureaus, chests etc. The most common woods are mahogany , oak, pine , walnut , and rosewood . Chinese antique furniture

2688-406: Is a secret reserve price auction. However, potential bidders may be able to deduce an approximate reserve price, if one exists at all, from any estimate given in advance by the auction house. The reserve price may be fixed or discretionary . In the latter case, the decision to accept a bid is deferred to the auctioneer, who may accept a bid that is marginally below it. A reserve auction is safer for

2784-491: Is a tavern that has a license to put up guests as lodgers. The word derives from the Latin taberna whose original meaning was a shed , workshop , stall , or pub . Over time, the words "tavern" and "inn" became interchangeable and synonymous. In England, inns started to be referred to as public houses or pubs and the term became standard for all drinking houses. From at least the 14th century, taverns, along with inns, were

2880-481: Is an auction where every participant has a demand and an offer consisting of multiple attributes and no money is involved. For the mathematical modelling of satisfaction level, Euclidean distance is used, where the offer and demand are treated as vectors. Auctions can be categorized into three types of procedures for auctions depending on the occurrence of a price development during an auction run and its causes. Multiunit auctions sell more than one identical item at

2976-457: Is an expressive word, and "krčma" is rather archaic in Czech. The word "taverna" (from Italian) is understood as a foreign term for establishment from South-European cultures, especially Greek or Italian. In Moravia , especially South Moravia, this social role is rather fulfilled by "wine cellars". Slovak language prefers the word "krčma" as a neutral colloquial term for pubs and restaurants. It

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3072-411: Is an opposite of a sequential auction, where the auctions are run in parallel. The silent auction is a variant of the English auction in which bids are written on a sheet of paper. At the predetermined end of the auction, the highest listed bidder wins the item. This auction is often used in charity events, with many items auctioned simultaneously and "closed" at a common finish time. The auction

3168-422: Is antique which was made after 1830, although the barrier has been broken down in recent years by the enthusiasm of collectors for Art Nouveau and Art Deco . The alternative term, antiquities , commonly refers to the remains of ancient art and everyday items from antiquity , which themselves are often archaeological artifacts . An antiquarian is a person who collects and studies antiquities or things of

3264-477: Is derived from auctus , the past participle of the Latin verb augeō , ("I increase"). Auctions have been recorded as early as 500 BC. According to Herodotus , in Babylon, auctions of women for marriage were held annually. The auctions began with the woman the auctioneer considered to be the most beautiful and progressed to the least beautiful. It was considered illegal to allow a daughter to be sold outside of

3360-464: Is derived from the Vickrey auction and means the final deal sealing for the number one bidder is based on the second bidder's price. A No-reserve auction (NR), also known as an absolute auction , is an auction in which the item for sale will be sold regardless of price. From the seller's perspective, advertising an auction as having no reserve price can be desirable because it potentially attracts

3456-492: Is its hardware fittings, the style of which varies from one period to another. For example, Victorian era hardware is different from other period hardware and is perceived to be aesthetically defined; this is the reason for its popularity. Tavern A tavern is a type of business where people gather to drink alcoholic beverages and be served food such as different types of roast meats and cheese, and (mostly historically) where travelers would receive lodging . An inn

3552-621: Is not used for wine bars.) As drinking beer is an important part of the Czech culture, inviting to "hospoda" generally means: "let's go and have a drink together, let's meet, chat, and socialize…". It is often equipped with a TV, billiards table, darts etc. Pubs serve both local regulars as well as excursionists, tourists and other guests. Establishments specialized primarily in the consumption of beer (beer bars) are called "výčep" ("výčap" in Slovak), expressively "nálevna", or "pajzl" (from German Baisel, originally from Jidish). "Knajpa" (from German)

3648-563: Is now used to describe these houses. The legacy of taverns and inns is now only found in the pub names, e.g. Fitzroy Tavern , Silver Cross Tavern , Spaniards Inn , etc. The word also survives in songs such as " There is a Tavern in the Town ". The range and quality of pubs varies wildly throughout the UK as does the range of beers, wines, spirits and foods available. Most quality pubs will still serve cask ales and food. In recent years there has been

3744-501: Is often made with elm, a wood common to many regions in Asia. Each wood has a distinctive grain and color. Many modern pieces of furniture use laminate or wood veneer to achieve the same effect. There are a number of different styles of antique furniture depending on when and where it was made. Some examples of stylistic periods are: Arts & Crafts , Georgian , Regency , and Victorian . An important part of some antique furniture

3840-429: Is the most common type of auction — a seller offers item(s) for sale and expects the highest price. A reverse auction is a type of auction in which the roles of the buyer and the seller are reversed, with the primary objective to drive purchase prices downward. While ordinary auctions provide suppliers the opportunity to find the best price among interested buyers, reverse auctions and buyer-determined auctions give buyers

3936-459: Is to indicate that the establishment sells alcohol and to set it apart from the competition. Scandinavia had very high drinking rates, which led to the formation of a powerful prohibition movement in the 19th century. Magnusson (1986) explains why consumption of spirits was so high in a typical preindustrial village ( Eskilstuna ) in Sweden , 1820–50. An economic feature of this town of blacksmiths

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4032-403: Is traded in the international market. The wine auction business offers serious collectors an opportunity to gain access to rare bottles and mature vintages, which are not typically available through retail channels. In livestock auctions, sheep, cattle, pigs and other livestock are sold. Sometimes very large numbers of stock are auctioned, such as the regular sales of 50,000 or more sheep during

4128-423: Is typically much lower than the value of the item, but all bidders (not just the winner) will have paid for each bid placed; the winner will buy the item at a very low price (plus price of rights-to-bid used), all the losers will have paid, and the seller will typically receive significantly more than the value of the item. A senior auction is a variation on the all-pay auction, and has a defined loser in addition to

4224-423: Is usually sealed and the uniform price paid by the investors is typically the best non-winning bid. In most cases, investors can also place so-called non-competitive bids , which indicates interest to purchase the debt obligation at the resulting price, whatever it may be. Some states use courts to run such auctions . In spectrum auctions conducted by the government, companies purchase licenses to use portions of

4320-462: The Atlantic slave trade was scramble . A child auction is a Swedish and Finnish historical practice of selling children into slavery-like conditions by authorities using a descending English auction. Fattigauktion is a similar Swedish practice involving poor people being auctioned to church organizations. Trade of wives by auctions was also a common practice throughout history. For instance, in

4416-429: The electromagnetic spectrum for communications (e.g., mobile phone networks). In certain jurisdictions, if a storage facility 's tenant fails to pay rent, the contents of their locker(s) may be sold at a public auction. Several television shows focus on such auctions, including Storage Wars and Auction Hunters . Auctions are used to trade commodities ; for example, fish wholesale auctions. In wool auctions, wool

4512-437: The top-up auction is primarily used for charity events. Losing bidders must pay the difference between their bid and the next lowest bid. The winning bidder pays the amount bid for the item, without top-up. In a Chinese auction , bidders make sealed bids in advance and their probability of winning grows with the relative size of their bids. In usual auctions like the English one, bids are prices. In Dutch and Japanese auctions,

4608-424: The 100-year criterion. Antiques are usually objects of the decorative arts that show some degree of craftsmanship, collectability, or an attention to design, such as a desk or an early automobile. They are bought at antiques shops , estate sales, auction houses, online auctions, and other venues, or estate inherited. Antiques dealers often belong to national trade associations , many of which belong to CINOA ,

4704-413: The 17th and 18th centuries, auctions by candle began to be used for the sale of goods and leaseholds. In a candle auction, the end of the auction was signaled by the expiration of a candle flame, which was intended to ensure that no one could know exactly when the auction would end and make a last-second bid. Sometimes, other unpredictable events, such as a footrace , were used instead of the expiration of

4800-435: The U.S. carry the unofficial title of "colonel". Tobacco auctioneers in the southern United States in the late 19th century had a style that mixed traditions of 17th century England with chants of slaves from Africa. The development of the internet has led to a significant rise in the use of auctions, as auctioneers can solicit bids via the internet from a wide range of buyers in a much larger variety of commodities than

4896-572: The United States, the Smoot-Hawley Tariff Act (para.1811) exempted "...works of art (except rugs and carpets made after the year 1700), collections in illustration of the progress of the arts, works in bronze , marble , terra cotta , parian , pottery, or porcelain , artistic antiquities and objects of ornamental character or educational value which shall have been produced prior to the year 1830" (emphasis added) . 1830

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4992-614: The assets of individuals who have perhaps died intestate (those who have died without leaving a will), or in debt. In legal contexts where forced auctions occur, as when one's farm or house is sold at auction on the courthouse steps. Property seized for non-payment of property taxes , or under foreclosure , is sold in this manner. Police auctions are generally held at general auctions, although some forces use online sites including eBay, to dispose of lost and found and seized goods. Debt auctions, in which governments issue and sell debt obligations , such as bonds , to investors. The auction

5088-573: The auction method. Attractive maidens were offered in a forward auction to determine the price to be paid by a swain, while unattractive maidens required a reverse auction to determine the price to be paid to a swain. Auctions took place in Ancient Greece , other Hellenistic societies, and also in Rome . During the Roman Empire , after a military victory, Roman soldiers would often drive

5184-585: The auctioning of artwork in the coffeehouses and taverns of London in the late 17th century. The first known auction house in the world was the Stockholm Auction House , Sweden ( Stockholms Auktionsverk ), founded by Baron Claes Rålamb in 1674. Sotheby's , currently the world's second-largest auction house, was founded in London on 11 March 1744, when Samuel Baker presided over the disposal of "several hundred scarce and valuable" books from

5280-437: The bidding process before the bid price has reached the buyout price. If no bidder chooses to utilize the buyout option before the end of bidding, the highest bidder wins and pays their bid. Buyout options can be either temporary or permanent . In a temporary-buyout auction the option to buy out the auction is not available after the first bid is placed. In a permanent-buyout auction the buyout option remains available throughout

5376-459: The bids are confirmations. In a version of the Brazilian auction , bids are numbers of units being traded. Structure elements of a bid are called attributes. If a bid is one number like price, it is a single-attribute auction . If bids consists of multiple-attributes, it is a multi-attribute auction . A Yankee auction is a single-attribute multiunit auction running like a Dutch auction, where

5472-447: The bids are the portions of a total amount of identical units. The amount of auctioned items is firm in a Yankee auction unlike a Brazilian auction. The portions of the total amount, bidders can bid, are limited to lower numbers than the total amount. Therefore, only a portion of the total amount will be traded for the best price and the rest to the suboptimal prices. In an English auction, all current bids are visible to all bidders and in

5568-443: The competing bids in real-time to every participating supplier, reverse auctions promote "information transparency". This, coupled with the dynamic bidding process, improves the chances of reaching the fair market value of the item. A double auction is a combination of both forward and reverse auctions. A Walrasian auction or Walrasian tâtonnement is a double auction in which the auctioneer takes bids from both buyers and sellers in

5664-627: The continual increase in the level of taxation but also because of the bewildering variety and multiplicity of the taxes. This chaotic system was enforced by an army of tax collectors. The resultant opposition took many forms. Wine growers and tavern keepers concealed wine and falsified their methods of selling it to take advantage of lower tax rates. The retailers also refilled their casks secretly from hidden stocks. Wine merchants stealthily circumvented inspection stations to avoid local import duties. When apprehended, some defrauders reacted with passive resignation, while others resorted to violence. Situated at

5760-412: The craft of making an object appear antique through distressing or using the antique-looking paint applications. Often, individuals get confused between these handmade distressed vintage or modern items and true antiques. Would-be antique collectors who are unaware of the differences may find themselves paying a high amount of money for something that would have little value if re-sold. Antique furniture

5856-548: The emergence of the internet, online auctions have developed, with eBay being the most typical example. For example, if someone owns a rare item, they can display the item through an online auction platform. Interested parties may place bids, with the highest bidder winning the opportunity to purchase the item. Online auctions allow more people to participate and also make traditional auction theory more complex. By increasing visibility of an item and therefore demand , auctions can make an extremely rare item more likely to sell for

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5952-449: The end of the 18th century, auctions of art works were commonly held in taverns and coffeehouses . These auctions were held daily, and auction catalogs were printed to announce available items. In some cases, these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned. At the time, Christie's established a reputation as a leading auction house, taking advantage of London's status as

6048-458: The entire auction until the close of bidding. The buyout price can either remain the same throughout the entire auction, or vary throughout according to rules or simply as decided by the seller. The winner selection in most auctions selects the best bid. Unique bid auctions offer a special winner selection: the winner is the bidder with the lowest unique bid. The Chinese auction selects a winner partially based on randomness. The final price for

6144-406: The heart of the country town or village, the tavern was one of the traditional centers of social and political life before 1789, a meeting place for both the local population and travelers passing through and a refuge for rogues and scoundrels. Taverns symbolized opposition to the regime and to religion. Taverns sometimes served as restaurants . In Paris, the first restaurant in the modern sense of

6240-411: The highest bidder on the day, for example, if the seller withdraws the item from the auction or extends the auction period indefinitely, although these practices may be restricted by law in some jurisdictions or under the terms of sale available from the auctioneer. A reserve auction is an auction where the item for sale may not be sold if the final bid is not high enough to satisfy the seller; that is,

6336-552: The household, women could deploy public power to impose limits on men's drinking behaviour. Taverns were popular places used for business as well as for eating and drinking – the London Tavern was a notable meeting place in the 18th and 19th centuries, for example. However, the word tavern is no longer in popular use in the UK as there is no distinction between a tavern and an inn. Both establishments serve wine and beer/ale. The term ' pub ' (an abbreviation of 'public house')

6432-611: The library of an acquaintance. Christie's , now the world's largest auction house, was founded by James Christie in 1766 in London and published its first auction catalog that year, although newspaper advertisements of Christie's sales dating from 1759 have been found. Other early auction houses that are still in operation include Göteborgs Auktionsverk (1681), Dorotheum (1707), Uppsala auktionskammare (1731), Mallams (1788), Bonhams (1793), Phillips de Pury & Company (1796), Freeman's (1805) and Lyon & Turnbull (1826). By

6528-596: The main places to dine out. Typically, a tavern offered various roast meats, as well as simple foods like bread, cheese, herring, and bacon. Some offered a wider variety of foods, though it would be cabarets and later traiteurs which offered the finest meals before the restaurant appeared in the 18th century. Their stated purpose, however, was to serve wine (not beer or cider, which had other outlets) and they were so disreputable that women of any standing avoided them. After 1500, taxes on wine and other alcoholic beverages grew increasingly more burdensome, not only because of

6624-594: The major centre of the international art trade after the French Revolution . The Great Slave Auction took place in 1859 and is recorded as the second largest single sale of enslaved people in U.S. history — with 436 men, women and children being sold. During the American Civil War , goods seized by armies were sold at auction by the Colonel of the division. Thus, some of today's auctioneers in

6720-479: The meaning of the word has a bit narrowed. Nevertheless, it is used colloquially to denote both traditional restaurants where people go to eat, and bars, where people mainly go to drink and socialize. "Hospoda" is nowadays a very widespread but only colloquial word, while "hostinec" or "pohostinství" were often official names of such establishment in the 20th century, now a bit obsolete. "Hospoda" could be with meals served or without, typically with tapped beer. (This term

6816-564: The most common restaurants in Greece. A typical menu includes portion dishes, or small dishes of meat and fish, as well as salads and appetizers. Mageirefta is the menu section that includes a variety of different casserole cooked dishes every day. The other choices are mainly prepared roasted ( tis oras) or fried. Orektika (appetizers) include small dishes of Greek sauces, alifes , usually eaten on bites of bread. Tavernes offer different kinds of wines and retsina in barrels or in bottles, ouzo or tsipouro , with beer and refreshments being

6912-428: The number and type of participants. There are two types of participants: a buyer and a seller . A buyer pays to acquire a certain good or service, while a seller offers goods or services for money or barter exchange. There can be single or multiple buyers and single or multiple sellers in an auction. If just one seller and one buyer are participating, the process is not considered to be an auction. The forward auction

7008-703: The old English custom of wife selling , a wife was divorced by selling her in a public auction for the highest bid. ISIS conducted slave auctions to sell up to 7,000 Yazidi women as reported in 2020. A virginity auction is the voluntary practice of individuals seeking to sell their own virginity to the highest bid. Cricket players are routinely put up for auction, whereby cricket teams can bid for their services. Indian Premier League (IPL) started annual public auctioning of cricket players in 2008 as an entertainment for mass consumption. Also, Bangladesh Premier League conducts cricket player auctions , starting in 2012. In some countries, such as Australia , auctioning

7104-458: The other. For instance, an Amsterdam auction is a type of premium auction which begins as an English auction. Once only two bidders remain, each submits a sealed bid. The higher bidder wins, paying either the first or second price. Both finalists receive a premium: a proportion of the excess of the second price over the third price (at which English auction ended). An Anglo-Dutch auction starts as an English or Japanese auction and then continues as

7200-411: The past. Traditionally, Chinese antiques are marked by a red seal , known as a 'chop', placed there by an owner. Experts can identify previous owners of an antique by reading the chops. The pre-revolution Chinese government tried to assist collectors of Chinese antiques by requiring their Department of Antiquities to provide a governmental chop on the bottom of a Chinese antique. This chop is visible as

7296-405: The physical and moral degradation of alcoholics. Zola's correspondence with physicians reveals that he used authentic medical sources for his realistic depictions in the novel. A common German name for German taverns or pubs is Kneipe . Drinking practices in 16th-century Augsburg, Germany, suggest that the use of alcohol in early modern Germany followed carefully structured cultural norms. Drinking

7392-418: The price they submitted. In private value auctions , every bidder has their own valuation of the auctioned good. A common value auction is opposite, where the valuation of the auctioned good is identical among the bidders. The range of auctions' contexts is extremely wide and one can buy almost anything, from a house to an endowment policy and everything in between. Some of the recent developments have been

7488-492: The rising prices, with a subsequantial sealed bid auction, in which bidders submit sealed package bids. The auctioneer uses the final bids to compute the best value allocation and the Vickrey payments. Generalized first-price auctions and Generalized second-price auctions offer slots for multiple bidders instead of making a single deal. The bidders get the slots according to the ranking of their bids. The second-price ruling

7584-554: The sales lasting for months. One of the most significant historical auctions was in 193 AD, when the entire Roman Empire was put on the auction block by the Praetorian Guard . On 28 March 193, the Praetorian Guard first killed emperor Pertinax , then offered the empire to the highest bidder. Didius Julianus won the auction at the price of 6,250 drachmas per guard, an act that initiated a brief civil war. Didius

7680-634: The selected winner is not always conducted according to their final bid. In the case of the second-price ruling as in a Vickrey auction , the final price for the winner is based on the second bidder's price. A Proxy bid is a special case of second-price ruling used by eBay , where a predefined increment is added to the second highest bid in response to a yet higher bid. Auctions with more than one winner are called multi-winner auctions . Multiunit auction , Combinatorial auction , Generalized first-price auction and Generalized second-price auction are multi-winner auctions. Auctions can be cascaded, one after

7776-404: The seller reserves the right to accept or reject the highest bid. In these cases, a set 'reserve' price known to the auctioneer, but not necessarily to the bidders, may have been set, below which the item may not be sold. If the seller announces to the bidders the reserve price, it is a public reserve price auction. In contrast, if the seller does not announce the reserve price before the sale, it

7872-471: The seller than a no-reserve auction as they are not required to accept a low bid, but this could result in a lower final price if less interest is generated in the sale. An all-pay auction is an auction in which all bidders must pay their bids regardless of whether they win. The highest bidder wins the item. All-pay auctions are primarily of academic interest, and may be used to model lobbying or bribery (bids are political contributions) or competitions such as

7968-406: The term is often used loosely to describe any object that is old. An antique is usually an item that is collected or desirable because of its age, beauty, rarity, condition, utility, personal emotional connection, and/or other unique features. It is an object that represents a previous era or time period in human history. Vintage and collectible are used to describe items that are old, but do not meet

8064-716: The term was founded in 1765. However, the first Parisian restaurant worthy of the name was the one founded by Beauvilliers in 1782 in the Rue de Richelieu, called the Grande Taverne de Londres . Émile Zola 's novel L'Assommoir ('The Tavern', 1877) depicted the social conditions typical of alcoholism in Paris among the working classes. The drunk destroyed not only his own body, but also his employment, his family, and other interpersonal relationships. The characters Gervaise Macquart and her husband Coupeau exemplified with great realism

8160-523: The twenty-first century as house prices sky-rocketed . The rapidly rising housing market saw many homes, especially in Victoria and New South Wales, selling for significantly more than both the vendors' reserve price and the advertised price range. Subsequently, the auction systems' lack of transparency about the value of the property was brought into question, with estate agents and their vendor clients being accused of "under-quoting". Significant attention

8256-430: The two largest cities, Melbourne and Sydney . This was largely due to the fact that in a private sale the vendor has disclosed the price that they want, and potential purchasers would attempt to low-ball the price, whereas in an auction purchasers do not know what the vendor wants, and thus need to keep lifting the price until the reserve price is reached. The method has been the subject of increased controversy during

8352-463: The use of the Internet both as a means of disseminating information about various auctions and as a vehicle for hosting auctions themselves. As already mentioned in the history section, auctions have been used to trade commodified people from the very first. Auctions have been used in slave markets throughout history until modern times in the post-Gaddafi era Libya . The word for slave auction in

8448-444: The winner. The top two bidders must pay their full final bid amounts, and only the highest wins the auction. The intent is to make the high bidders bid above their upper limits. In the final rounds of bidding, when the current losing party has hit their maximum bid, they are encouraged to bid over their maximum (seen as a small loss) to avoid losing their maximum bid with no return (a very large loss). Another variation of all-pay auction,

8544-430: The winners will be Bidders B & D while Bidder A misses out because the combined bids of Bidders B & D is higher ($ 60) than for Bidders A and C ($ 55). Deferred-acceptance auction is a special case of a combinatorial auction. Another special case of a combinatorial auction is the combinatorial clock auction (CCA), which combines a clock auction, during which bidders may provide their confirmations in response to

8640-647: Was beheaded two months later when Septimius Severus conquered Rome. From the end of the Roman Empire to the 18th century, auctions lost favor in Europe, while they had never been widespread in Asia. In China, the personal belongings of deceased Buddhist monks were sold at auction as early as the seventh century AD. The first mention of "auction", according to the Oxford English Dictionary , appeared in 1595. In some parts of England during

8736-482: Was auctioned for €2 billion. Between 1999 and 2002, the British government auctioned off their gold reserves , raising approximately $ 3.5 billion. The most expensive item to ever be sold in an auction is Leonardo da Vinci's Salvator Mundi in 2017 ($ 450.3 million). In 2018, the yearly revenues of the two biggest auction houses were $ 5 billion ( Christie's ) and $ 4 billion ( Sotheby's ). Auctions come in

8832-498: Was given to the matter by the Australian media, with the government in Victoria eventually bowing to pressure and implementing changes to legislation in an effort to increase transparency. In the UK, historically, auction houses were perceived to sell properties which may have been repossessed —  where a home owner fails to make regular mortgage payments —  or were probate sales (  i.e. ,  

8928-412: Was not a sign of insecurity and disorder. It helped define and enhance men's social status and was therefore tolerated among men as long as they lived up to both the rules and norms of tavern society and the demands of their role as householders. Tavern doors were closed to respectable women unaccompanied by their husbands, and society condemned drunkenness among women, but when alcohol abuse interfered with

9024-518: Was previously practical. In the 1990s, the multi-attribute auction was invented to negotiate extensive conditions of construction and electricity contracts via auction. Also during this time, OnSale.com developed the Yankee auction as its trademark. In the early 2000s, the Brazilian auction was invented as a new type of auction to trade gas through electronic auctions for Linde plc in Brazil . With

9120-477: Was the Verlag , or outwork production system , with its complex network of credit relationships. The tavern played a crucial role in cultural and business life and was also the place where work and leisure were fused. Heavy drinking facilitated the creation of community relationships in which artisans and workers sought security. Buying drinks rather than saving money was a rational strategy when, before adjustment to

9216-404: Was the approximate beginning of mass production in the United States; at the time, 1930, it also marked an age of at least 100 years. These definitions were intended to allow people of that time to distinguish between genuine antique pieces, vintage items, and collectible objects. In 1979, the British art critic Edward Lucie-Smith wrote that "Antique-dealers ... sometimes insist that nothing

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