Auction: meaning, definitions and examples
๐จ
auction
[หษหkส(ษ)n ]
Definitions
buying and selling
An auction is a public sale where goods or property are sold to the highest bidder.
Synonyms
Examples of usage
- The painting was sold at an auction for a record price.
- She won the bid at the auction and bought a rare antique vase.
event
An auction is also an event where items are sold by being offered up for bid.
Synonyms
Examples of usage
- They attended the charity auction to support a good cause.
- The auction of vintage cars attracted many collectors.
Interesting Facts
Historical Origins
- The word 'auction' comes from the Latin word 'auctio', which means 'a growth' or 'an increase', highlighting rising bids.
- Ancient Romans conducted auctions for property and slaves, establishing early forms of bidding practices.
- The first recorded auction took place in ancient Greece, showing that this practice has deep historical roots.
Economics
- Auctions can create a competitive atmosphere, potentially fetching higher prices than regular sales.
- Different types of auctions, like English and Dutch, affect how the bidding proceeds and prices are set.
- Internet auctions, such as those on platforms like eBay, have transformed traditional bidding into a global digital experience.
Pop Culture
- Some famous art pieces, like Van Gogh's paintings, have sold at auctions for millions, highlighting their cultural significance.
- Television shows often feature auction scenes, where characters bid on items to add drama or humor.
- Reality TV has popularized charity auctions, where celebrities bid on experiences to raise money for good causes.
Psychology
- Bidders often exhibit emotional behavior during auctions, as the desire to win can lead to overbidding.
- The 'winner's curse' occurs when a bidder pays more than an item's true value, illustrating the psychological impacts of competition.
- Studies show that group dynamics in bidding can influence individual decision-making, highlighting social psychology at play.
Technology
- Online auctions have become increasingly popular, allowing people from anywhere in the world to bid on items remotely.
- Artificial intelligence is being used to optimize bidding strategies, making online auctions more efficient.
- Blockchain technology is being explored in auctions to increase transparency and trust in the bidding process.
Translations
Translations of the word "auction" in other languages:
๐ต๐น leilรฃo
๐ฎ๐ณ เคจเฅเคฒเคพเคฎเฅ
๐ฉ๐ช Auktion
๐ฎ๐ฉ lelang
๐บ๐ฆ ะฐัะบััะพะฝ
๐ต๐ฑ aukcja
๐ฏ๐ต ใชใผใฏใทใงใณ
๐ซ๐ท enchรจre
๐ช๐ธ subasta
๐น๐ท mรผzayede
๐ฐ๐ท ๊ฒฝ๋งค
๐ธ๐ฆ ู ุฒุงุฏ
๐จ๐ฟ aukce
๐ธ๐ฐ aukcia
๐จ๐ณ ๆๅ
๐ธ๐ฎ draลพba
๐ฎ๐ธ uppboรฐ
๐ฐ๐ฟ ะฐัะบัะธะพะฝ
๐ฌ๐ช แแฃแฅแชแแแแ
๐ฆ๐ฟ hษrrac
๐ฒ๐ฝ subasta