auction

auction
A method of sale in which goods, securities, rights, etc. are sold in public to the highest bidder. Auctions are used for any property for which there are likely to be a number of competing buyers, such as houses, second-hand and antique furniture, works of art, etc. , as well as for certain commodities, such as tea, bristles, wool, furs, etc. , which must be sold as individual lots, rather than on the basis of a standard sample or grading procedure. In most auctions the goods to be sold are available for viewing before the sale and it is usual for the seller to put a reserve price on the articles offered, i. e. the articles are withdrawn from sale unless more than a specified price is bid. The auctioneer acts as agent for the seller in most cases and receives a commission on the sale price. An auctioneer is an agent of the seller, who must have the authority of the seller to sell, and must know of no defect in the seller's title to the goods, without promising that a buyer will receive good title for a specific object. An advertisement that an auction will be held does not bind the auctioneer to hold it. It is illegal for a dealer (a person who buys at auction for subsequent resale) to offer a person a reward not to bid at an auction. See also double auction; Dutch auction; virtual auction

Big dictionary of business and management. 2014.

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  • auction — auc·tion n: a public sale of property to the highest bidder see also reserve Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. auction …   Law dictionary

  • auction — [ôk′shən] n. [L auctio, an increasing, sale by increase of bids < auctus, pp. of augere, to increase: see WAX2] 1. a public sale at which items are sold one by one, each going to the last and highest of a series of competing bidders 2. AUCTION …   English World dictionary

  • Auction — Auc tion, n. [L. auctio an increasing, a public sale, where the price was called out, and the article to be sold was adjudged to the last increaser of the price, or the highest bidder, fr. L. augere, auctum, to increase. See {Augment}.] 1. A… …   The Collaborative International Dictionary of English

  • auction — (n.) a sale by increase of bids, 1590s, from L. auctionem (nom. auctio) an increasing sale, auction, public sale, noun of action from pp. stem of augere to increase, from PIE root *aug to increase (see AUGMENT (Cf. augment)). In northern England… …   Etymology dictionary

  • auction — ► NOUN ▪ a public sale in which goods or property are sold to the highest bidder. ► VERB ▪ sell at an auction. ORIGIN Latin, increase, auction , from augere to increase …   English terms dictionary

  • Auction — Auc tion, v. t. To sell by auction. [1913 Webster] …   The Collaborative International Dictionary of English

  • Auctĭon — (v. lat.), die öffentliche Versteigerung verkäuflicher Dinge; eine schon den Römern bekannte Art, Sachen in Geld umzusetzen. Sie ward bekannt gemacht durch einen Ausrufer (Praeco) od. einen schriftlichen Anschlag (Libellusauctionarius,… …   Pierer's Universal-Lexikon

  • Auction — Auction, Versteigerung, Gant, der öffentliche Verkauf an den Meistbietenden; auctionis lege, durch öffentliche Versteigerung; auctioniren, versteigern; Auctionator, wer die Versteigerung besorgt, überall obrigkeitlich verpflichtete Personen …   Herders Conversations-Lexikon

  • auction — [n] competitive sale; sale by bid bargain, jam*, sell off; concepts 324,345 …   New thesaurus

  • Auction — Auctioneer redirects here. For the DC Comics supervillain, see Auctioneer (comics). An auctioneer and her assistants scan the crowd for bidders. An auction is a process of buying and selling goods or services by offering them up for bid, taking… …   Wikipedia

  • auction — A common method of issuing gilts. Similar to a tender offer. In an auction, investors apply to buy the new gilts being issued, specifying the amount they wish to purchase and the price they are prepared to pay. The new gilts will be issued to… …   Financial and business terms

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