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 ?
The company lists over 3,000 auction houses and dealers worldwide and features approximately 90 million objects on its site.
According to the auction house, those that broke away from the main mass when it exploded close to the ground are "jagged and twisted."Ee
Weisberg added, Our auction house partners now have a unique way to promote their sales.
Unlike their study, we focus on the auction house's experience rather than on subjective personal traits.
According to the auction house, the building could be converted into a number of residential units, either apartments or townhouse-style homes, or mixed use with the inclusion of commercial units, all requiring the necessary planning consent from the local authority.
The two still maintained a close relationship as pen pals, the auction house said, until 1938, when Bormann permanently halted their correspondence.
Perhaps we are hoping for it," said auctioneer Arnaud Oliveux of Artcurial auction house in Paris, which is selling three Banksy prints next week.
The letter is of "paramount importance, a testament to the most difficult period in the life of the Frank family, their underground existence," the auction house wrote in a statement.
The Bonhams International Auction House in London sold Thursday ancient Egyptian artifacts in an auction titled "Antiques"-Press Photo CAIRO -- 5 July 2018: The Bonhams International Auction House in London sold Thursday ancient Egyptian artifacts in an auction titled "Antiques".
International auction house Sotheby's (NYSE:BID) reported on Saturday the setting of a world record for any wine sales series when a two-day series of auctions in Hong Kong brought a combined total of USD29,090,025.
NORDIC BUSINESS REPORT-December 14, 2017-Lauritz.com names partner under a five-year partnership agreement for the auction house in Roskilde, Denmark.