auction


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auction

noun auctio, auctione vendere, public sale, public sale of property, sale by bid, sale by outcry, sale to the highest bidder, sub hasta vendere, vendue
Associated concepts: auction license, auction sale, highest bidder, public sale
See also: handle, sell, trade, vend

auction

a (normally public) sale of property usually conducted by competitive bidding where the item auctioned is sold to the person who makes the highest bid. It is conducted by an auctioneer, who is deemed to be the agent of the seller until the hammer falls and he announces the completion of the sale in favour of the highest bidder. Many auctions now take place on the Internet whereby the auctioneer provides the site upon which the goods are advertised.

See MOCK AUCTION.

AUCTION, commerce, contract. A public sale of property to the highest bidder. Among the Romans this kind of sale, was made by a crier under a spear (sub hasta) stuck in the ground.
     2. Auctions are generally held by express authority, and the person who conducts them is licensed to do so under various regulations.
     3. The manner of conducting an auction is immaterial; whether it be by public outcry or by any other manner. The essential part is the selection of a purchaser from a number of bidders. In a case where a woman continued silent during the whole time of the sale, but whenever anyone bid she gave him a glass of brandy, and when the sale broke up, the person who received the last glass of brandy was taken into a private room, and he was declared to be the purchaser; this was adjudged to be an auction. 1 Dow. 115.
     4. The law requires fairness in auction sales, and when a puffer is employed to raise the property offered for sale on bona fide bidders, or a combination is entered into between two or more persons not to overbid each other, the contract may in general be avoided. Vide Puffer, and 6 John. R. 194; 8 John. R. 444; 3 John. Cas. 29; Cowp. 395; 6 T. R. 642; Harr. Dig. Sale, IV.; and the article Conditions Sale. Vide Harr. Dig. Sale, IV.; 13 Price, R. 76; M'Clel. R. 25; 6 East, R. 392; 5 B. & A. 257; S. C. 2 Stark. R. 295; 1 Esp. R. 340; 5 Esp. R. 103 4 Taunt. R. 209; 1 H. Bl. R. 81; 2 Chit. R. 253; Cowp. R. 395; 1 Bouv. Inst., n. 976.

References in classic literature ?
I sold all my household goods by public auction, and joined a company of merchants who traded by sea, embarking with them at Balsora in a ship which we had fitted out between us.
One which had printed fifty million dollars of stock for sale was sold at auction in 1909 for four hundred thousand dollars.
It gave birth to a competition between the States which created a kind of auction for men.
Then he have an auction in that house, and advertise it, and put up big notice.
Crushed and impoverished by taxation -- imposed by Mazarin, whose avarice impelled him to grind them down to the very dust -- the people, as the Advocate-General Talon described it, had nothing left to them except their souls; and as those could not be sold by auction, they began to murmur.
This old paternal edifice, needy as he was, and though, being centrally situated on the principal street of the town, it would have brought him a handsome sum, the sagacious Peter had his own reasons for never parting with, either by auction or private sale.
Being therefore sold at auction,--alas I what a vicissitude for a chair that had figured in such high company
It would be quite impossible at the present moment to furnish a room as rooms were furnished a few years ago, without going for everything to an auction of second-hand furniture from some third-rate lodging- house.
The news spread like a flash, for, contrary to general custom, the Frenchman held an auction of the dead man's kit, - he had no friends at St.
With the exception of the dark-eyed woman's chair, which looked like a soiled relic of luxury bought at a country auction, the furniture was of the roughest kind.
A collector recently bought at public auction, in London, for one hundred and fifty-seven guineas, an autograph of Shakspeare; but for nothing a school-boy can read Hamlet and can detect secrets of highest concernment yet unpublished therein.
After Strickland's death certain of his effects were sold by auction in the market-place at Papeete, and she went to it herself because there was among the truck an American stove she wanted.