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 ?
We are creating a destination where there will always be something to see, from exhibitions and lectures, to the very best items coming up for auction; we will be able to display exceptional and international collections for up to three months ahead of a sale, which is a unique feature of our auction house.
At the auction house we are determined to bring buyers and sellers together to do business in a fast-paced, professional environment.
Josh Mosqueira, game director and John Hight, production director said in the video posted below that it will be closing down real-money and gold auction houses of Diablo 3 by March 2014.
We were still pretty surprised by the price," Charlotte Stanes of the auction house told Reuters.
But a settlement will see Jackson keep his items while Julien's Auction House will be allowed to show them in an exhibition intended to promote the sale.
Auction House is an organisation of national independent auctioneers providing the concept of a strong national brand identity.
org/wgbh/pages/roadshow/) maintains links to the appraisers and auction houses it uses.
Online auction house eBay has sold its Butterfields auction house to UK-based Bonhams.
For that is indeed what a pair of slippers worn Rudolf Nureyev sold for at the second sale of the late dancer's belongings, held at Christie's auction house in November.
He clarified that the decision to cease fur sales has had no effect on the operation of the Hudson's Bay Fur Sales Auction House.
PROPERTY auctioneer Auction House, which has a branch in the North East and Cumbria, has been named Residential Auctioneer of the Year by industry publication The Negotiator.
INSIDE BIZ Auction house's prestige order LEADING Midland auction house CPBigwood has won a further three year contract with Sandwell Metropolitan Borough Council to sell the local authority's surplus property stock.