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 ?
Reimold Horticultural Auctioneers will run the auctions live and on location as they have been since 1914; at the same time e-Greenbiz.
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Complementing the safe, convenient and entertaining features of Auction Universe network, NETIS AuctionWeb offers auctioneers their own web pages, information and access to upcoming auctions in different states, and a newsreel of the latest news and feature stories in the auction industry.
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said: "This sample law will help serve the public, state governments and auctioneers.
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He currently serves as the vice president of the National Auctioneers Association (NAA) and on the board of the World Automobile Auctioneers Professional Association.
About the Florida Auctioneers Association The Florida Auctioneers Association represents hundreds of Auctioneers within the State of Florida.
A number of auctioneers, including Hexham & Northern Marts' Trevor Simpson, have already signed up.
Fanie's performance earned him a place in the South African team to participate in a Young Auctioneers Competition against Australia and New Zealand during the Beef Australia Expo in Rockhampton, Australia, 4-9 May 2015.
FOLLOWING on from the success of last year's competition, the next National Association of Valuers and Auctioneers Auctioneer of the Year competitionwill take place on Wednesday, 28th September at the Chesford Grange, Warwickshire.