An auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction is a method for determining the value of a commodity that has an undetermined or variable price. Auctions can be with reserve or minimum, or without minimums, or absolute or no reserve. In reserve auctions, there is a minimum bid or reserve price; if the bidding does not reach the minimum, there is no sale (but the person who puts the item up for auction may still owe a fee to the auctioneer or auction company). In absolute or no reserve auctions, the sale is guaranteed, with only the price left to be determined. In the context of auctions, a bid is an offered price.
Auctions are publicly seen in several contexts and almost anything can be sold at auction. Some typical auction arenas include the following:
Although less publicly visible, the most economically important auctions are the commodities auctions in which the bidders are businesses even up to corporation level. Examples of this type of auction include:
Auctions :: Business Services
Auctions :: Shopping
Auctions :: Shopping

Sell on Auctions - Introduction to online auctions includes buying and selling tips.
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AntiqueCast - Compare prices of antiques and collectibles offered at the major online auction. Use the price guide to help determine the fair market value of collectibles before buying or selling.
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Auction Hunter - Comprehensive listings for the Northeastern United States serving New York, New Jersey, Connecticut, Massachusetts, Pennsylvania and Rhode Island.
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eSmarts Auction Buying Guide - eSmarts has reviewed the major online auctions and prepared a shopping guide to help consumers navigate them.
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Price and Value Guide - Online reference guide where subscribers can find the value of the most recent offer to sell or offer to buy on nearly any internet auction item.
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