Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime.
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.
A grey market or dark market is the trade of a commodity through distribution channels that are not authorized by the original manufacturer or trade mark proprietor. Grey market products are products traded outside the authorized manufacturer's channel.
An online auction is an auction held over the internet and accessed by internet connected devices. Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules.
Confiscation is a legal form of seizure by a government or other public authority. The word is also used, popularly, of spoliation under legal forms, or of any seizure of property as punishment or in enforcement of the law.
The Receiver of Wreck is an official who administers law dealing with maritime wrecks and salvage in some countries having a British administrative heritage. In the United Kingdom, the Receiver of Wreck is also appointed to retain the possession of royal fish on behalf of the British crown.
Lost, mislaid, and abandoned property are categories of the common law of property which deals with personal property or chattel which has left the possession of its rightful owner without having directly entered the possession of another person. Property can be considered lost, mislaid or abandoned depending on the circumstances under which it is found by the next party who obtains its possession.
Civil recovery is the method in some legal systems employed to recover the proceeds of crime, instead of, or in addition to, criminal.
The Philadelphia Mint in Philadelphia was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint, a main priority after the ratification of the Constitution of the United States.
Consignment is a process whereby a person gives permission to another party to take care of his 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 day limit before an item expires for sale. Within the time of contract, reductions of the price are common to promote the sale of the item, but vary on the type of item sold (usually 60–90 days).
Asset forfeiture or asset seizure is a form of confiscation of assets by the authorities. In the United States, it is a type of criminal-justice financial obligation. It typically applies to the alleged proceeds or instruments of crime. This applies, but is not limited, to terrorist activities, drug-related crimes, and other criminal and even civil offenses. Some jurisdictions specifically use the term "confiscation" instead of forfeiture. The alleged purpose of asset forfeiture is to disrupt criminal activity by confiscating assets that potentially could have been beneficial to the individual or organization.
Possession of stolen goods is a crime in which an individual has bought, been given, or acquired stolen goods.
Ritchie Bros. Auctioneers (RBA), or simply Ritchie Bros., is a publicly traded Canadian company based in Burnaby, British Columbia. Its common shares are traded on the New York and Toronto stock exchanges.
Bidding is an offer to set a price tag by an individual or business for a product or service or a demand that something be done. Bidding is used to determine the cost or value of something.
PropertyRoom.com is a live online auction website that sells confiscated police goods and approved third party merchant merchandise to the highest winning bidder. PropertyRoom.com is the largest online police auction website in the United States.
The Gurlitt Collection was a collection of around 1,500 art works assembled by Cornelius Gurlitt, the son of one of Hitler's official art dealers, Hildebrand Gurlitt (1895–1956), and which was found to have contained several artworks looted from Jews by the Nazis.
A government auction or a public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by the government or property which is sold under the authority of a court of law or a government agency with similar authority. In the case of government procurement, goods and services are bought using a reverse auction.
The Spanish confiscation was the Spanish government's seizure and sale of property, including from the Catholic Church, from the late 18th century to the early 20th century. It was a long historical, economic, and social process beginning with the so-called "Confiscation of Godoy" in 1798—although there was an earlier precedent during the reign of Charles III of Spain—and ending on 16 December 1924.
Emma Bailey was an American auctioneer and author, credited with being the first American woman auctioneer. She held her first auction in Brattleboro, Vermont, on May 12, 1950, as a way to supplement her family's income. In 1952 she became the first woman admitted to the National Auctioneers Association. She continued auctioneering for nearly 20 years and wrote a book about her experiences, entitled Sold to the Lady in the Green Hat (1962), before retiring in the late 1960s.
The Vugesta for “Vermögens-Umzugsgut von der Gestapo" was a Nazi looting organization in Vienna that from 1940 to 1945 seized the possessions of 5,000-6,000 Viennese Jews. It was a key player in the aryanization of Jewish property, redistributing private property stolen from Jewish Austrians to non-Jewish or Aryan Austrians during the Nazi reign in Austria.
