A Chinese auction is a type of raffle A raffle is a competition in which people buy numbered tickets. Originating in southern Italy, it is a popular game in numerous countries and is often held to raise funds for a specific event, charity, or occasion (actually a combination of raffle and auction) that is typically featured at charity, church festival and numerous other events. Other groups have named it penny social, tricky tray or pick-a-prize to avoid any possible racial overtones.
The difference between a raffle and a Chinese auction is that in a raffle with multiple prizes, there is one "hat" from which names are drawn, but in a Chinese auction each prize has its own "hat". This allows ticket buyers to choose which prize to focus on, as opposed to having a first, second, third, etc. prize.
In a Chinese auction, bidders are not prospective buyers (as in the conventional English auction An English auction is a type of auction, whose most typical form[clarification needed] is the "open outcry" auction. The auctioneer opens the auction by announcing a Suggested Opening Bid, a starting price or reserve for the item on sale and then accepts increasingly higher bids from the floor consisting of buyers with a possible). Instead, they buy tickets, which are chances to win items. Bidders may buy as many tickets as they like, and bid them on any item(s) they want by placing them in a basket or other container in front of the item(s) they are trying to win. At the conclusion of bidding, the winning ticket is drawn from the tickets bid on each item, and the item is given to the owner of that ticket.
A bidder may increase the chance of winning by buying and bidding more tickets on a specific item. Although there is generally no limit to the number of tickets a given individual may bid on a specific item, the chance of winning depends on the total number of tickets bid by all individuals.
Chinese auctions of this type have become very popular on the Internet, with various websites offering a variety of items for auction[citation needed].
It is unclear whether this type of auction actually originates in China China (simplified Chinese: 中国; traditional Chinese: 中國; Hanyu Pinyin: Zhōngguó ; Tongyong Pinyin: Jhongguó; Wade-Giles: Chung¹kuo²) is a cultural region, an ancient civilization, and, depending on perspective, a national or multinational entity extending over a large area in East Asia; it is much more likely that the term derives from "chance auction," which is also another name for this type of auction. The term "Chinese" may have been used in this case to convey that this type of auction was mysterious, intriguing, or secretive.
This type of Chinese auction is similar to the "silent auction," with the difference being that in the silent auction bidders submit bids listing specific amounts that they are willing to pay for a specific item.
In another auction variant, also referred to as a Chinese auction, though not really an auction at all, each participant contributes wrapped prizes of roughly the same value to a pool of prizes. Participants draw numbers to see who gets to choose a prize from the pool of prizes first. The second person may choose their prize from the remaining prizes in the pool, or may take the prize from the first person who chose. The third may take a prize from the pool, or from the first or second person and so on until all participants have chosen. People choosing prizes are not required to open them, so the prize contents may remain unknown to all but the contributor until all participants have chosen. This version of the Chinese auction is also known as the Yankee Swap White elephant gift exchange is a popular party game usually played during the Christmas season in the United States and Canada or White elephant gift exchange White elephant gift exchange is a popular party game usually played during the Christmas season in the United States and Canada.
See also
- Auction An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange
- Silent auction An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange
- Raffle A raffle is a competition in which people buy numbered tickets. Originating in southern Italy, it is a popular game in numerous countries and is often held to raise funds for a specific event, charity, or occasion
Categories: Auctioneering Categories: Auctions and trading | Business models | Game theory | Gambling terminology | Auction theory Categories: Market structure and pricing | Auctioneering
Troy Record
TROY The Troy AARP Chapter 3991 is sponsoring a Chinese auction beginning at noon Oct. 7 at the Veterans of Lansingburgh, 777 First Ave. ...
