'Auction' is the process by which goods are sold or bought through bidding and selling the property to the bidder who has bid the highest. Auctions are held in different places and are dealt either by private firms or government agencies. There are different types of auctions like home auctions, property auctions, real estate auctions, car auctions, etc. In Thomson, auctioneers conduct these auctions and ensure a smooth process.
The auctioneers, or the company which carries out auctions, are paid a percentage on the amount of the total bid by the seller. In Thomson, auctions are held either privately, where bidders are not aware of each other's bids, or publicly, where they get to know the bidding price and bid accordingly. Online auctions are also popular.