Monday, October 31, 2011

Auctions in Lost(Stolen?) Goods

1 comment:

  1. American auctions date back to the Pilgrims’ arrival on America’s Eastern Shores in the 1600s and continued in popularity during colonization with the sale of crops, imports, clapboard, livestock, tools, tobacco, slaves and even entire farms. Selling at auctions was the fastest and most efficient means to convert assets into cash.

    In economic theory, an auction refers to any mechanism or set of trading rules for exchange.

    Auctions are beneficial to the buyers and sellers because everyone involved wins. The sellers win because they are able to sell their assets and the buyers win in the form of auction prices.

    I heard (haven’t seen an episode) of a reality television program called, “Baggage Battles.” The auction specialists provide knowledgeable insight into the profitable business of bidding, buying and reselling unclaimed property. Traveling to some of the most important auctions around the world -- including airport auctions, unclaimed freight and shipping auctions, police and seizure auctions, vehicular auctions and estate auctions -- each team member must rely on their savvy expertise to find the hidden treasures as their bids are based on sight-unseen instincts.

    Suzette Monteverde, Empire State College, Dr. Singh, ECO-65155X