auction

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Related to Auction houses: Bonhams, Online auctions

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 periodicals archive ?
If you're the successful bidder, you'll have to exchange contracts and pay a deposit (usually 10 per cent of the purchase price) and a fee to the auction house immediately.
e guide price is the price the auction house expects the property to sell for, but properties often fetch much more.
If you're successful, you'll have to exchange contracts and pay a deposit (usually 10% of the purchase price) and a fee to the auction house immediately.
If you're the successful bidder, you'll have to exchange contracts and pay a deposit - usually 10 per cent - and a fee to the auction house immediately.
Online auction houses eliminate the pain-points of bricks-and-mortar auction houses by offering:
We firmly believe that by shutting down the real-money and the gold auction houses, it really paves the way to make sure that killing monsters in-game is the most rewarding, the most satisfying, the most compelling way of getting your hands on those items," Mosqueira said.
Some auction houses have been focusing on higher-value works of art; where they do sell lower-value items, they want to charge higher rates of commission to make it worth their while.
If you're the successful bidder, you have to insure the property, exchange contracts and pay a deposit (usually 10% of the purchase price) and a fee to the auction house immediately.
WHEN WYATT HOUSTON DAY FIRST GOT THE IDEA IN 1994 FOR AN AUCTION OF "PRINTED and manuscript African Americana" at the venerable Swann Galleries auction house in New York City, he had an inkling that it was one whose time had come.