An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory.
The list price, also known as the manufacturer's suggested retail price (MSRP), or the recommended retail price (RRP), or the suggested retail price (SRP) of a product is the price at which its manufacturer notionally recommends that a retailer sell the product.
Bait-and-switch is a form of fraud used in retail sales but also employed in other contexts. First, customers are "baited" by merchants' advertising products or services at a low price, but then, when they visit the store, those customers discover that the advertised goods are not available and are pressured by salespeople to purchase similar but higher-priced ones ("switching").
A flea market is a type of street market that provides space for vendors to sell previously owned (second-hand) goods. This type of market is often seasonal. However, in recent years there has been the development of 'formal' and 'casual' markets which divides a fixed-style market (formal) with long-term leases and a seasonal-style market with short-term leases. Consistently, there tends to be an emphasis on sustainable consumption whereby items such as used goods, collectibles, antiques and vintage clothing can be purchased, in an effort to combat climate change and fast fashion.
A charity shop (British English), thrift shop or thrift store or opportunity shop or op-shop is a retail establishment run by a charitable organization to raise money. Charity shops are a type of social enterprise. They sell mainly used goods such as clothing, books, music albums, shoes, DVDs, toys, and furniture donated by members of the public, and are often staffed by volunteers. Because the items for sale were obtained for free, and business costs are low, the items can be sold at competitive prices. After costs are paid, all remaining income from the sales is used in accord with the organization's stated charitable purpose. Costs include purchase and/or depreciation of fixtures, operating costs and the building lease or mortgage.
A garage sale is an informal event for the sale of used goods by private individuals, in which sellers are not required to obtain business licenses or collect sales tax.
An ad valorem tax is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event. In some countries, a stamp duty is imposed as an ad valorem tax.
Used goods, also known as secondhand goods, are any item of personal property offered for sale not as new, including metals in any form except coins that are legal tender, but excluding books, magazines, and postage stamps. Used goods may also be handed down, especially among family or close friends, as a hand-me-down.
Nemo dat quod non habet, literally meaning "no one can give what they do not have", is a legal rule, sometimes called the nemo dat rule, that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title. It is equivalent to the civil (continental) Nemo plus iuris ad alium transferre potest quam ipse habet rule, which means "one cannot transfer to another more rights than they have". The rule usually stays valid even if the purchaser does not know that the seller has no right to claim ownership of the object of the transaction ; however, in many cases, more than one innocent party is involved, making judgment difficult for courts and leading to numerous exceptions to the general rule that aim to give a degree of protection to bona fide purchasers and original owners. The possession of the good of title will be with the original owner.
A Hamfest is a convention of amateur radio enthusiasts, often combining a trade show, flea market, and various other activities of interest to amateur radio operators (hams). In the United Kingdom the term rally is more commonly used for amateur radio conventions. "Hamfests" were noted as early as 1924 in the U.S.
A jumble sale (UK), bring and buy sale or rummage sale is an event at which second hand goods are sold, usually by an institution such as a local Boys' Brigade Company, Scout group, Girlguiding group or church, as a fundraising or charitable effort. A rummage sale by a church is called a church sale or white elephant sale, frequently as part of a church bazaar.
Consignment is a process whereby a person gives permission to another party to take care of their property and retains full ownership of the property until the item is sold to the final buyer. It is generally done during auctions, shipping, goods transfer, or putting something up for sale in a consignment store. The owner of the goods pays the third-party a portion of the sale for facilitating the sale. Consignors maintain the rights to their property until the item is sold or abandoned. Many consignment shops and online consignment platforms have a set time limit at which an item's availability for sale expires. Within the time of contract, reductions of the price are common to promote the sale of the item, but vary by the type of item sold.
Vintage clothing is a generic term for garments originating from a previous era, as recent as the 1990s. The term can also be applied in reference to second-hand retail outlets, e.g. in vintage clothing store. While the concept originated during World War I as a response to textile shortages, vintage dressing encompasses choosing accessories, mixing vintage garments with new, as well as creating an ensemble of various styles and periods. Vintage clothes typically sell at low prices for high-end name brands.
An antique shop is a retail store specializing in the selling of antiques. Antiques shops generally have a physical presence in a shop where the wares are stored and displayed, but some antique shops are online, with no physical retail location.
A junk shop is a retail outlet similar to a thrift store which sells mostly used goods at cheap prices. A low-quality antique shop may border on being a junk shop. Shoppers who frequent junk shops are often referred to as "junkers", "pickers", "bargain hunters", "rummagers", etc.
Bob Shop, formerly Bidorbuy or bidorbuy.co.za, is a South African e-commerce website based on an internet auction and online marketplace model allowing individuals and businesses to trade with each other. Transactions on bidorbuy are in South African rands.
A second-hand shop is a shop which sells used goods.
Recommerce or reverse commerce is the selling of previously owned, new or used products, mainly electronic devices or media such as books, through physical or online distribution channels to buyers who repair, if necessary, then reuse, recycle or resell them.
Salvage Hunters is a British television programme in which decorative salvage dealer Drew Pritchard travels throughout the country in search of antiques from shops, fairs and old mansions to re-sell online or in his shop.
Wimborne Market was an historic market in a large covered structure in Wimborne Minster, Dorset, England. It ceased to trade on 19 December 2021 after 165 years of trading. The market was demolished and the land redeveloped.
