The word ‘auctions’ literally represent a sale program where people can visit to buy the offered products through placing selling price quotes. Auctions usually offer product of every category and types right from a valuable product of art and antique, real estate pieces, the electronic goods, mechanical goods like car parts etc. the products offered under auctions include all the category of products like out-dated products, new-fashionable products and antique goods.

The auctions hold different working style in several parts of this globe like English style auction where participants details their proposals openly against each other and the highest price maker is consider as the winner of the product. On the other hand a sealed first price auction call participants to make their bids right through sealed envelop. The auctioneer after the specified time limit open up all the bids offered by different participants and the highest bid opened represents the buyer of the offered products.