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auction
(redirected from auction house)

   Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.02 sec.
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.



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The organization is calling for a boycott of the online auction house until it stops allowing relics to be sold and enforces its own rules barring sale of body parts.
the world's leading auction house specializing in the sale of horology (watches and clocks), has leased a total of 10,337 s/f at 595 Madison Avenue.
The 80-foot mural, painted on several removable panels and appraised by Christie's auction house al seven figures, will be auctioned off to fund the cost of relocating the center.
 
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