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 ?
He also said the sum owed to Mr Moi is Sh8.2 million, adding that he does not own the 1,300 heads of cattle as claimed by the auctioneer. Mr Leiyagu said he should be ordered to deposit a sum of S6,423 being his portion of the decretal sum and the auctioneers cost.
Mr Thomlinson was a highly respected auctioneer at Harrison and Hetherington's (H&H) Borderway Mart in Carlisle.
Strauss currently represents the auction industry serving on the Board of Directors of the National Auctioneers Association (NAA) and previously served as the 2015 Virginia Auctioneers Association (VAA) President.
Leslie Hindman founded Leslie Hindman Auctioneers in 1982 in Chicago.
Asia International Auctioneers has been a strategic partner of ORIX Metro Leasing and Financing Corp.
The tenants obtained restraining orders against Dikemwa Auctioneers on April 18.
The first session on November 28, 2015 was attended by the Attorney-General's Chambers (AGC), the Bar Council, representatives of financial institutions and licensed auctioneers; while the second session on March 1, 2016 was attended by the Bar Council, Association of Banks in Malaysia (ABM), Association of Islamic Banking Institutions Malaysia (AIBIM) and states' auctioneers associations.
Based on its website, United Auctioneers plans to expand operations throughout the Asia Pacific region in the next ten years.
Huw Williams from Dolgellau and Tom Davies from Welshpool are in the final five of the New Auctioneer of the Year awards.
He said the producers spoke to 150 other auctioneers before narrowing it down to the final panel.
Bidders and auctioneers can authenticate each other and then establish a common session key to protect their subsequent communications.
International Resource News-August 3, 2016--Ritchie Bros acquires Petrowsky Auctioneers