Word: bidder
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Global auctions are the kind of ideal market Adam Smith could only have dreamed of. Sellers are, at least in theory, guaranteed a price that isn't too low: they get to sell to the highest bidder anywhere in the world. And buyers are assured the price isn't too high because they get to choose the lowest one being offered by any seller in the world. Location becomes unimportant. You're not penalized for being a seller stuck in low-traffic, low-price Bismarck or a buyer shopping in high-cost Manhattan. Auctions also minimize transaction costs ("friction...
After one question from the floor about what would prevent people in academia from "selling their body of knowledge to the highest bidder" the motion passed with only two people opposing...
...there is still no interest, the item will remain unsold. The auction house does not own any of the items that it sells; rather, they sell on consignment, and receive a seller's commission from the original owner and a buyer's premium of 15 percent from the winning bidder. These revenues go to defray the costs of advertising the auction, photographing the lots, creating the catalog and paying the staff. Despite the rapid pace of the auctioneers (usually 80-100 lots are sold an hour), due to the high number of lots, the auctions can last...
...price. If there is still no interest, the item will remain unsold. The auction house does not own any of the items that it sells; rather, they sell on consignment, and receive a sellers commission from the original owner and a buyers premium of 15 percent from the winning bidder. These revenues go to defray the costs of advertising the auction, photographing the lots, creating the catalog and paying the staff. Despite the rapid pace of the auctioneers (usually 80-100 lots are sold an hour), due to the high number of lots, the auctions can last...
...bill sailed through by a 252-to-177 vote. Fifty-four Republicans split from their party to back the bill, only 13 Democrats opposed it, and reform?s proponents broke out the figurative champagne, toasting the day when politics ? and politicians ? are no longer for sale to the highest bidder...