auction

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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 ?
Vital to the process is hiring a good auction company, he recommends.
Watching the auction in HD will give viewers the opportunity to see these one-of-a-kind objects in incredible detail.
Carlton began doing auctions mostly for banks that have foreclosed on units and then moved on to working with more "high-profile" sponsors.
SmarterAuction will help nonprofits realistically refine their online auction goals, better understand the factors that contribute to a successful auction, plan their auction based on specific objectives, provide instantaneous tracking progress, make course corrections and predict their auction's outcome - all based on quantifiable data from cMarket auctions.
Some of the more interesting items in this auction include over 100 items by Charles Bunnell and his students and contemporaries as well as historically important artists like Charles Partridge Adams, Joseph Imhof, Harvey Otis Young, Robert Wood, Carl Oscar Borg, Birger Sandzen, James Skelton, John Thompson, Eve Drewelow and others.
For more information about this auction visit http://www.
Victorian Casino Antique has been a full-service auction company for 30 years.
Other noteworthy items to be offered at the auction will be items of political history including important letters and telegrams from Presidents Truman, Kennedy, Johnson, and Clinton.
com (AMEX:AAC) announced today that JM Wood's 34th Annual Late Summer Auction held August 30th to September 1st, 2006 and broadcast through NAALive.
C&P Numismatic Coin Auctions has been in business since 1997.
Superior Galleries Vice President of Operations, Louis Palafoutas, said, "iCollector has become a valuable asset to our auctions by increasing our bidder base, minimizing complications and providing us with seamless events.
Inland Real Estate Auctions has contracted to auction 330 home sites throughout Chicagoland for some of the area's most prominent home builders -- 140 of which are scheduled to be auctioned in September and October.