CURRENTLY AVAILABLE 4 FORMATS OF AUCTION TRADING (ENGLISH, DUTCH, SEAL FIRST PRICE , VICKRY) WIDELY DISTRIBUTED IN THE WORLD AND THEIR PROS AND CONS IN THEIR MANAGEMENT MECHANISM

Аннотация

Auctions are a very popular form of trade in many countries today, particularly in Europe, America, China, Japan, and Arab countries. In them, an object is put up for public sale and a kind of competition is organized among buyers to buy this object, and whoever pays the mostmoney wins thesale. This article mainly discusses the 4 formats that are currently common in the world. (English, Dutch, sealed first price, vickry) auction sales, their positiveand negative aspects are covered. Keywords: English auction, Dutch auction, first sealed auction, Vickrey auction, first auction in history, auction sale, auctioneer, auctioneer, auctioneer,auction winner. Auction trading has been developing on a global scale for several hundred years, as a result of development, certain formats have emerged, in addition, the type of auction, design, mechanism and rules of procedure have been formed, all auction formats have certain rules and forms. That is, English, Dutch, sealed first price auction, Vickry auction formats all have different individual characteristics and express their own content and essence. The word auction (Latin auction) means “special auction markets, thesale ofgoods to interested buyers”. Currently, there are 4 formats in the world. (English, Dutch, sealed first price, vickry) auction sales are common, and they consistof: Dutch auction format – in which the highest maximum price of the object being sold is determined and announced as the starting price. There are open and closed types of auction sales inthis format, depending onthetype of sale(Figure 1): - open type means that bidders can see each other's bids and the number of participating bidders during theauction. - closed type, in which auction participants cannot see each other's bids and the number of participating bidders during the auction, this is mainly done when using automated mechanisms, thatis, when bidders place bids bypressing buttons located ontherostrum. In addition, there are open and closed forms of the above types, according to the composition of theparticipants (Figure 1): An open form isatrading mechanism in which everyone can participate. A closed form is a trading mechanism in which only persons specially invited by the auction organizercan participate. During the auction, the starting price of the object gradually decreases until the bids are reduced totheprice agreed tobythe first buyer who expressed interest in purchasing theobject. This auction format gets its name from its popularity in the Netherlands. Its distinctive feature is that it is a wholesale auction in which the seller can offer several items at once and conduct a quick sale. (Figure 1) Holland Auction Open Closed type type Open Closed Open Closed form form form form 23 Volume 4, issue 2, 2025 The Dutch auction format is divided into 2 different types of sales, and the types are also divided into2different forms. The essence of the Dutch auction is that the auctioneer first sets the maximum price, which is displayed on a screen installed in the auction hall. If none of the buyers expresses a desire to buy the lot at this price, the auctioneer begins to lower the price. The first buyer of the object presses the button in front of him, which stops the price decrease on the screen, and the participant number of this buyer registered with the auction organizer appears on the screen. The owner of this number is considered the buyer of this lot. This method of holding an auction significantly speeds uptheauction and allows you to sell upto 600lotsper hour1. English auction format - this format is known and popular all over the world, one of the specific definitions of this auction is that it is called an open auction (bids of the participants in the auction are known to each other during the auction process). There is only an open type of auction in this format, according to the type of sale (Figure 2). There are 2 types of open English auctions, called direct (classical) and reverse (reverse, abbreviated), according to the method of sale(Figure 2): Thedirect (classic) style ofEnglishauction is considered to beapure English auction. The so-called reverse (reverse, abbreviated) English auction is actually an open type of Dutch auction, which means that the so-called reverse (reverse, abbreviated) English auction was created as a result ofthecombination of Dutch auction and English auction. In addition, there are open and closed forms of the styles, according to the composition of the participants (Figure 2): An open form isatrading mechanism in which everyone can participate. A closed form is a trading mechanism in which only persons specially invited by the auction organizercan participate. (Figure 2) English auction Open type Direct (classic) Reverse (reverse, style reduction) style Open Closed Open Closed form form form form The open type of the English auction format and its 2 different styles, and the division of styles into2different forms are reflected. Direct (c