The idea of intellectual property auctions is fairly new, the practice of patent auctions first appeared in 2006 in the U.S., although in the U.S. organizations were obtained title to inventions developed with governmental support in 1980 according Bayh-Dole Act of 1980.
One of the most well-known today auctions of the intellectual property is ICAP Ocean Tomo Auction in the U.S. Such auctions, according to organizers, promote market transparency and liquidity of intellectual property, since in the course of live competitive bidding to determine the fair market value of the exhibited artworks.