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 ?
According to the official, at present the interior ministry has "10 or 15" auctioneers, and plans to recruit an additional 25.
Bill Ekleberry Auctioneer, Spencer Country Inn, Route 9, Spencer
Ms Sedgewick added: "This is meant to be a light-hearted competition, and already I have auctioneers knocking on my door to enter.
Agra livestock auctioneer, Fanie Cronje again performed exceptionally well in the Veeplaas/Toyota SA Auctioneer competition end of April at the Bloemfontein Show, coming a close second amongst eleven competitors in the junior class.
The competition is open to people who are members of, or work for a member of, the National Association of Valuers and Auctioneers (NAVA) or divisions of the National Federation of Property Professionals (NFOPP).
Some auctioneers enable you to place bids on lots via the internet and you may even be able to bid live at the auction room, through the internet.
Last year, it was runner-up to Christie''s in the Online Auctioneer of the Year awards.
Like singers who depend on their voices, auctioneers also have to learn to "tough through it" when it comes to feeling punk during cold season, he said.
It is an entry level qualification, broadly level three on the national qualifications framework, and provides a thorough grounding in the techniques of auctioneering and in the legal framework within which auctioneers must operate.
FOLLOWING David Pim's retirement from the rostrum after 31 years, I wish to add my tribute to an amazing auctioneer.
Everyone thinks furniture, but certain documents are valuable--slave documents, bills of sale, stocks, and bonds," says Phoenix-based auctioneer Rowlan Hill.