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 ?
There are very few occupations in the world as iconic as that of Auctioneer," said Pam McKissick host and executive producer.
The IJAC, hosted by the National Auctioneers Association (NAA), was part of the 58th International Auctioneers Conference and Show held last July in San Diego, CA.
Booker is a member of the National Auctioneers Association and the Washington Auctioneers Association, a graduate of the Certified Auctioneer Institute (CAI) and a Certified Estate Specialist (CES) designee.
To learn more about Conference & Show, visit auctioneers.
Place Your Bid - Once the auction has begun, you must make contact with the auctioneer or "ringman" in order to make a bid.
Auctioneers and auction schools conduct special fundraising auctions for this charity, and other worthy causes in their communities, in April and throughout the year.
If you are hotel buyer, you definitely need to be talking with us," comments Fernando Palacios, Regional Vice President of National Commercial Auctioneers, and the top hospitality expert in the company.
Men and women auctioneers from across the United States and Canada are planning to compete.
Real estate professionals and auctioneers Guy Deiro, Greg Harelson, and Richard Rehm carry over 70 years of combined experience to fully service their clients' needs.
On Friday, July 22, the National Auctioneers Association will host its 17th annual International Auctioneer Championship (IAC) at the David L.
Member benefits range from federal legislative representation to comprehensive continuing education programs, including coursework to earn the following professional auctioneer designations: Certified Auctioneers Institute (CAI), Accredited Auctioneer, Real Estate (AARE), Graduate, Personal Property Appraiser (GPPA) and Certified Estate Specialist (CES).