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Mustang Shelby GT350R sold at auction for $3.85 million. 🤑

#Ford Mustang #auction

Mustang Shelby GT350R sold at auction for $3.85 million. 🤑

Jack Might Have Lived After All - A $718K Titanic Prop Sparks the Debate Again

#auction #Hollywood #Titanic

Jack Might Have Lived After All - A $718K Titanic Prop Sparks the Debate Again

Scripts from the TV Show "Friends", Saved from Being Thrown Away, were Sold at Auction

#auction #Friends #screenplay #television #United Kingdom

Scripts from the TV Show "Friends", Saved from Being Thrown Away, were Sold at Auction

The near mint condition comic was sold by Heritage Auctions. 💰

#Captain America #auction

The near mint condition comic was sold by Heritage Auctions. 💰

Diana auctioned some of her dresses for cancer and AIDS charities.💰

Diana, Princess of Wales

Diana auctioned some of her dresses for cancer and AIDS charities.💰

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auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves, or bids may be submitted electronically with the highest current bid publicly displayed. In a Dutch auction, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. While auctions are most associated in the public imagination with the sale of antiques, paintings, rare collectibles and expensive wines, auctions are also used for commodities, livestock, radio spectrum and used cars. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

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