The auction trade in Russia

Auction trading is a form of market relations, it is a specially organized operating market in which transactions of purchase and sale are carried out by price competition between buyers. The auction is an open auction of various valuable items: collectible and antique items, precious products, coffee, tea, fur, other raw materials and various finished goods. Conclusion auction trade to a new level contributed to the rapid development of the Internet. Every year the number of online auctions and the number of their participants is growing. Online auctions are one of the most important and promising business models in the world economy. The importance of online auctions is determined by the fact that they are a cost-effective tool in the modern mechanism of market economy, and their implementation contributes to a significant increase in the effectiveness of foreign economic activity of enterprises, the formation of conditions for the development of modern infrastructure of foreign trade. To date, the share of online auctions in the turnover of e-Commerce is up to 25% in the US and up to 40% in Germany. Despite the fact that the auction is widespread in the world, in Russia their conduct for a long time was extremely limited. The reform of the Russian economy has caused the rapid development of auction activities in all its forms.