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 ?
has been in business, specializing in construction, forestry and county surplus auctions, for 34 years and attributes their accomplishments to their advertising and professional staff.
For the second consecutive year, a record number of properties were sold by auction, indicating the growing popularity of auctions as the marketing method of choice for home builders, multi-family residential developers, the commercial real estate community and financial institutions.
They have revolutionized the marketing and sale of properties in Nevada, Utah and California through the auction method, selling billions of dollars of personal property, encompassing hundreds of auctions and sales.
Despite their great potential, real estate auctions can seriously damage a project if not managed carefully, warns John Kosa, president of Manhattan-based Kosa Properties, Inc.
Past quarterly auctions covered by VOOM's TREASURE HD have included a James Bond Auction with lots from the classic James Bond films, Russo and Steele's Sports & Muscle in Monterey automobile auction featuring rare cars from the 60's and 70's and a Gibson Guitar auction featuring guitars from famous musicians including Willie Nelson and Kenny Rogers.
Residential property auctions have taken the real estate market by storm.
New Platform Predicts Auction Outcomes, Provides Tools for International Bidders, Easy Page Design; SmarterAuction[TM] Now Available in Beta for cMarket Online Auctions
com (AMEX:AAC) announced today that it will host Best Of The West "Colorado Art Auction" October 21, 2006 on eBay Live Auctions through its subsidiary iCollector.
com (AMEX:AAC) announced today that it will host the Canadian Coinoisseur Torex[R] Auction on October 27th and 28th, 2006 on eBay Live Auctions through its subsidiary iCollector.
com (AMEX:AAC) announced today that it will host the Victorian Casino Antique's "Fall 2006 -- Jimmy Filler Collection" auction on October 14th and 15th, 2006, on eBay Live Auctions through its subsidiary iCollector.
com (AMEX:AAC) announced today that it will host the Soler Y Llach "Important Stamps and Posters Auction" on October 13, 2006 on eBay Live Auctions through its subsidiary iCollector.