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 ?
A spokesperson from Virgin Media commented: "Following a recent trial with Wilsons Auctions, vehicle sale performance on Virgin Media's vehicles were very strong.
The lot was for sale for the first time in many years so there was a sense of anticipation in the auction room at Chester Racecourse on February 27 when it sold for PS55,000 from a guide price of PS20,000+.
This reflects some $136 million raised in this final phase of the spectrum auction.
While the auction process remains a very effective way to acquire and sell fine art and collectibles, Salcedo Auctions believes that it can only be transparent in so far as the organizers of such auctions are forthcoming in their dealings behind the scenes.
The SmartLane Auction of the Year award winner for the fourth year in a row was ABC St.
About ATG Media: ATG Media is the global pioneer in live and timed auctions. The company's portals allow bidders from around the world to browse fully illustrated sale catalogs and place bids over the internet in real time with live audio and video feeds delivering the auction room atmosphere.
Last week, the auction house announced that it plans to raise the buyer's premium - the rate it charges a successful bidder.
Auction Finance, one of the leading lender in the property auction industry, saw a four-fold increase in sales figures in the region for the first six months of 2014 compared to 2013.
The auction process will start at 8 AM and bidders will be allowed to log into the Auction System, said a press release.
There are a number of features which can indicate a property is prime for auction, including those requiring modernisation or renovation, tenanted properties that offer investment opportunities, as well as the more unusual or quirky.
The two agreements on public procurement still being discussed are expected to spell out how member states and the Commission will jointly conduct procedures for designating the common auction platform to be used by 24 member states, as well as the single monitor that will monitor the auctions conducted on all auction platforms.
PROPERTY auction firm - Auction House - has sold more than pounds 40m of property in the first six months of the year.