Intellectual property rights (IPR) are a set of rights associated with creations of the human mind. If you create something, invent a product; write a program, lyrics, etc. you are engaged in the process of creating intellectual property, which is like any other property that you can sell, license, gift, etc. The law allows the creator to economically benefit out of the creation.
IPR covers literary, artistic and scientific works; performances of perfonning artists, phonograms, and broadcasts; inventions in all fields of human endeavour; scientific discoveries; industrial designs; trademarks, service marks, and commercial names and designations; protection against unfair competition; and any other rights resulting from intellectual efforts.
These can be conveyed by auction with time defined multiple bids to garner the highest value for the works.