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 ?
The field on Enfield Chase, which could be used for a new register office, is being sold off to the highest bidder and it is likely that the social club that presently leases Providence is to be relocated there.
for sale individually or together to the highest bidder, through a reserve auction process scheduled for December 2, 2004.
For some destinations freight carriers are either completely unavailable or are auctioning the available units to the highest bidder, even after recently published rate increases of 25 to 50 percent.
Edwards has placed his trust in us and look forward to seeing who the highest bidder is for this most important domain name.
MILWAUKEE -- As part of the largest real estate sale in transportation history -- 229 total properties with an appraised value over $400 million -- Consolidated Freightways announced that it is placing its Milwaukee and Marinette distribution facilities individually for sale to the highest bidder, through an auction process scheduled for June 22, 2004.
Clinton's own "no security" strut was an ironic end to an administration that apparently sold our nation's security to the highest bidder.
Sotheby's, Swann Galleries, Christie's, and other high-end auction houses also sell racist items to the highest bidder.
According to the National Port Administration, the highest bidder will be awarded 80% ownership of the facility.
George turned out to be a political prostitute of the lowest rank, a tarnished street walker with an uncanny talent for selling his soul to the highest bidder in the grand old tradition of smoke-filled rooms and clubhouse deals.
The Privatisation Commission has not been following uniform rules for handing over the units to the highest bidder.
99designs will use its 5-word speech to thank the highest bidder on stage at the Webby Award Gala in New York City on Monday, June 14th.
GMR Infrastructure consortium declared as highest bidder for airport project in PHILIPPINES