Increasing bid auctions, reverse auctions, and Vickrey auctions all have their pros and cons. Estate auctions and multi-seller auctions at auction warehouses g

Increasing bid auctions, reverse auctions, and Vickrey auctions all have their pros and cons. Estate auctions and multi-seller auctions at auction warehouses give liquidity to the assets that would take a lot of time and energy to list and sell individually. Contrary to the scenes of Christie's and Sotheby's in TV and film, many auctions don't come extensively catalogued. It's often just "Here's another batch of knickknacks. Bidding starts at $3" or "Here's four more boxes of books, mostly nonfiction. Will anyone bid $5?"