One of the biggest T20 tournaments played, the IPL is an extravaganza which is eagerly awaited by millions of fans across the globe. The Indian Premier League (IPL) season commences first through an auction. You might wonder what is an auction.All eight franchises, which are a part of the IPL, bid to secure players through a limited budget in an auction, which is conducted annually and is generally a two-day event. The eight franchises bid to secure the services of domestic, national and International players in order to create a perfect squad for their franchise. Since the inception of the Indian Premier League (IPL) in 2008, the auction has been one of the most exiting part of the tournament, where cricketers get multi-million dollar contracts and have a chance to showcase their talent on what can be said the grandest stage in T20 cricket.