In the context of auctions, what is a "consignment"?

In the context of auctions, a "consignment" refers to the process by which sellers entrust their items to an auctioneer with the expectation that the auctioneer will sell these items on their behalf. This arrangement allows sellers to reach a wider audience and utilize the auctioneer's expertise to maximize the sale price of the items.

When a seller consigns an item, they typically sign a contract outlining the terms of the agreement, including how the auctioneer will handle the sale, the commission that will be taken, and other important details. This process is beneficial for sellers because it provides them with the opportunity to have their goods marketed effectively by a professional while mitigating the challenges linked to direct sales.

In contrast, the other options focus on different aspects of the auction process. A list of items sold at an auction refers to the cataloging of items but does not pertain specifically to the consignment process itself. An agreement between bidders and the auctioneer describes the terms under which the auction will be conducted but does not address the relationship between the auctioneer and the seller. The final sale price after bidding details the result of the auction but is not related to how the items were brought to the auction in the first place. Thus, the essence of a