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 ?
But she had stressed that the highest bidder may not be the guy whom she would have sex with because she reserved the right to vet especially if she feels her safety would be compromised.
UW-F and the stakeholders I have spoken with are all adamantly opposed to the leasing of natural public land to the "highest bidder" excluding those of modest means from enjoying their lands.
The highest bidder at or above USD5.995 million will be able to enjoy the holiday season in this incredible mountain estate.'
Speaking at a meeting in Ankara, Yildiz said that Park Holding, the highest bidder, stated that it would withdraw as of May 31.
This is so sad!!" Pietersen then tweeted: "I'm prepared to auction off one of my Ashes winning shirts and one of my bats personalised to the highest bidder."
On top of the bat & shirt, I will give 2 tickets to our Perth ODI on 6 Feb and I will pay for flights & 2 nights accom(modation) to the highest bidder from anywhere in the world.
Ecopetrol del Peru SA, a subsidiary of Ecopetrol SA (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP), is the highest bidder for the five blocks for which it submitted offers in Peru.
The fact that she was "selling" meetings with her ex-husband to the highest bidder is tantamount to treason in my book.
DESPITE whatever happens in Dubai with her husband J o h n , To n i Terry should wake up, smell the coffee, head for the divorce courts and take the lying, cheating rat for everything, then sell her story to the highest bidder and set herself and her children up for life.
If we cannot get hold of you on the number you leave after three attempts we will move on to the next highest bidder.
The prize will be auctioned off to the highest bidder at the Ryder Cup Wales Annual Gala & Awards Dinner on Thursday, October 25.
The sale of another massive affordable housing complex so soon after the city's biggest complex at Stuyvesant Town went to the highest bidder last month has raised more concerns about the future of affordable housing in New York City.