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    Seven Major Auction Types

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    Please explain the following subjects about online auctions:
    Origins and key characteristics of the seven major auction types
    Strategies for Web auction sites and auction-related businesses
    Virtual communities and Web portals

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    Solution Preview

    An auction is where buyers and sellers meet. The difference of auction from ordinary market is that the seller does not establish a price for the product, but rather solicits bids from buyers. The product, of course, will go to the highest bidder.

    Auction, the brick and mortar version of it, became a common, meaning not only the lords engaged in it, activity during the 17th century in England. A century after, Sotheby's and Christie, two of the biggest and most prominent auction houses today, were born.

    The seven major auction types and their characteristics are:
    1. English auction - bidders or buyers announce publicly their successive higher bids until no higher bid is announced. This is also called an open auction; however there is a minimum ...

    Solution Summary

    This solution of 517 words lists the seven major auction types and touches on the topics of web sites, virtual communities, web portals and others.