What does "consignment" mean in the context of auctions?

In the context of auctions, "consignment" specifically refers to the process of transferring goods to an auctioneer for resale. This arrangement allows individuals or businesses to sell their items through the auctioneer without needing to handle the sale themselves. The auctioneer takes possession of the items and is responsible for marketing and selling them, typically for a commission. This is beneficial for sellers who want to reach a broader audience and do not want to deal with the logistical aspects of selling items directly.

The other options describe different scenarios or concepts that do not accurately represent what consignment means in an auction setting. For example, delivering items for sale at a fixed price does not involve the auction dynamic where prices can fluctuate based on bids. Similarly, a class of auction that requires registered bidders refers to auction formats rather than the process of consignment itself, while an agreement to buy items only suggests a direct purchase arrangement, which is distinct from the consignment model. Thus, the definition of consignment as transferring goods to an auctioneer for resale is aligned with the auctioneer's operational framework.