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An auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory an auction is a method for determining the value of a commodity that has an undetermined or variable price. In some cases, there is a minimum or reserve price; if the bidding does not reach the minimum, there is no sale (but the person who puts the item up for auction still owes a fee to the auctioneer).

An auction is really a specific way for a buyer to locate items they want to buy or for a seller to advertise items they want to sell. An auction usually reduces the negotiation to a single variable, price. It is the sale of a property in public to the highest bidder.

Conventional Auctions are public sales of goods to the highest bidder. In E-Commerce it is an electronic market which can exist in both business-to-business and business-to-consumer context. Sellers offer product or services to buyers through a Web site with a structured process for price-setting and fulfillment.

Auction can also be defined as a sale of stamps, covers and other philatelic items where prospective purchasers place bids in an attempt to obtain the desired items. The highest bidder for each lot (described item or items) makes the purchase. Auctions are generally divided into mail sales, where bids are accepted by mail, and public sales, where mail bids are combined with live bidding from individuals present at the auction or participating by telephone.

Auction is the sale of goods or property at which intending buyers bid against one another for individual items, each of which is sold to the bidder offering the highest price

The various terms of auctions are:

BID SHIELDING
A high bid posted by one auction user to protect a low bid posted by another. The high bid is canceled just before auction close, leaving the low figure as the winning bid. A violation of terms of service on all major auction sites.
BID SHILLING
Fraudulent bidding by the seller using another auction ID or by their associate in order to artifically inflate the bids on an auction. A violation of terms of service on all major auction sites.
DEADBEAT BIDDER
A person who fails to actually purchase the item after posting the winning bid on an auction.
DUTCH AUCTION
An auction where the seller has multiple items to sell to multiple winners. For example, if I post a dutch auction offering 10 Snoopy PEZ dispensers - they will be sold (1 each) to the 10 highest bidders at auction close. If I receive only 8 bids, then I sold 8 Snoopy PEZ dispensers.
ESCROW SERVICE
The winning bidder sends payment to a third party - the escrow service - which, in turn, sends payment (minus escrow fees) to the seller after the item has been delivered to, and accepted by the buyer. Recommended for high-value auctions.
FEEDBACK RATING
Public comments that buyers and sellers provide on each other regarding a completed auction. It provides other auction users an insight into an auction users' reputation as a buyer and/or seller.
PROXY BID
When placing a bid on most major auction sites, the bidder can specify the highest price you are willing to pay. As other bids on the item are received, the auction site will automatically place proxy bids in your name at specified bid increments, until you have either outbid you opponents or reached the limit that you preset.
RESERVE PRICE
Sellers have the option of setting a minimum price for which the item will sell - regardless of the high bid. Most auction sites and sellers will not disclose this amount.
REVERSE AUCTION
An auction where buyers post a listing for an item or service, and sellers bid their prices down to make a sale (conducted on sites like eWanted.com).
SNIPING
Placing a winning bid minutes or even seconds before an auction closes. This tactic severely limits the ability of competing bidders from out-bidding you or driving the price higher.