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For a long time, the preferred method of trading for antiques and stables was auctions, which are now used to sell everything from bestsellers to real estate, government bonds, and abandoned cars. As the sociologist Charles Smith revealed, the mechanical laws of supply and demand seldom control the auction process. Instead, value depends on the beliefs and behaviors of the participants in the auction combined with the complex social processes of the assumptions and practices at the auction site. Based on years of participating in and observing different types of auctions and interviews with hundreds of auctioneers, Smith not only allowed us to have a theoretical understanding of the auction process, but also allowed us to understand the scenes and sounds of the auction process.
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Orignal From: Auction: Social Construction of Value
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