auction

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Related to Auction houses: Bonhams, Online auctions

Auction

1. A way to sell an item in which a moderator takes bids from a number of persons for a period of time and ultimately sells to the highest bidder. For example, the moderator (called an auctioneer) may set the opening bid at $5 and, once someone offers to pay $5, may incrementally increase the requested bids until they stop. Variations on an auction may involve any number of things; for example, a person with more than one job offer may request higher salaries in turn and then finally take the highest paying position. See also: Bidding war.

2. See: Auction market.

auction

a means of selling goods and services to the highest bidder among a number of potential customers. Auctions can take several forms. One form is an open auction – increasing bid – competition in which the bids of all parties are observable and bidders drop out as the price increases until only the highest bidder remains. Another form is an open auction -decreasing price – auction in which the auctioneer starts off from a very high price that is then slowly decreased until one bidder agrees to buy at the last announced price. This form of auction is often called ‘Dutch auction’. Yet another form is a sealed-bid, closed auction in which all bidders have to submit their bids in sealed envelopes at the same time. In open auctions, bidders can gain some information about the private valuations that other bidders place upon the goods to be sold, while in sealed-bid auctions the private valuations of bidders remain unobservable.

The principles of auctions apply to situations where firms seek TENDER to supply products.

auction

a means of selling goods and services to the highest bidder among a number of potential customers. Auctions can take several forms. One form is an open auction, increasing bid, competition in which the bids of all parties are observable and bidders drop out as the price increases until only the highest bidder remains. Another form is an open auction, decreasing price, auction in which the auctioneer starts off from a very high price that is then slowly decreased until one bidder agrees to buy at the last announced price. This form of auction is often called a ‘Dutch auction’. Yet another form is a sealed-bid, closed auction in which all bidders have to submit their bids in sealed envelopes at the same time. In open auctions, bidders can gain some information about the private valuations that other bidders place upon the goods to be sold, while in sealed-bid auctions the private valuations of bidders remain unobservable. The principles of auctions apply to situations where firms seek tenders to supply products.

auction

A sales technique in which real or personal property is offered for sale and bidders make oral offers in varying amounts until one is accepted. Frequently used for involuntary transfers of real estate, such as foreclosures and tax sales. In some states, foreclosure auctioneers must be licensed.Where property is offered by the owner voluntarily for auction sale,the fine print in the auction terms usually contains a provision for a buyer's premium. The amount of the winning bid is automatically increased by the stated amount, and that percentage is used to pay the auctioneer's fees.

References in periodicals archive ?
On top of this, auction houses frequently offer anywhere from 500-1,500 lots a sale; when this happens there is so much to look through online that clients admit they often miss desirable lots.
You only have to switch on daytime television to see the huge array of programmes dedicated to auction houses.
8 million worth of art--a 400 per cent increase from the same period in 2013, and the highest sales for any online auction house of art and collectables.
Paddle8's fees are less than half of those of a traditional auction house.
We are creating a destination where there will always be something to see, from exhibitions and lectures, to the very best items coming up for auction; we will be able to display exceptional and international collections for up to three months ahead of a sale, which is a unique feature of our auction house.
In a post on the game's official website, Hight said that the studio is still "working out the details of how the auction house system will be shut down," and added that it will be happen on March 18, 2014.
While the always-online requirement made the auction house possible, the auction house was never the driving factor in our decision to make the PC version of Diablo 3 require an Internet connection," a representative told Rock, Paper, Shotgun.
Other auction houses cottoned on to the wheeze and commissions have been climbing ever since.
Auction houses have been waiving the commissions sellers traditionally pay in an attempt to ensure a steady supply of high-quality pieces for their sales.
Auction houses argue that a lot of the work they do--and for which they are remunerated by the commissions they charge--is, to a certain extent, hidden from view.
Auction houses would argue that their role in the sale is made dear to both the buyer and seller and that providing the opportunity to buy often extremely rare works is not to be sniffed at.