The concept of “business” has emerged ever since the exchange activity took place or from the stage of “Barter Economy” in the economic evolution process. Thus, auction is also a business process, where buying and selling of goods is done on the basis of bidding by the individuals and the highest bidder at last manages to buy the goods that he bided for. Auctions can be precisely seen in several contexts and are characterized as both public and private activity. It can be said that almost anything can be sold at auction. Some typical auctioning involve sale of immovable property which can be both residential such as house and commercial properties includes vacant land plots and farms, sale of second goods like furniture's in the house, machineries, and sales of antique pieces like stamps, classic cars artistic pieces and coins.