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 periodicals archive ?
The FCC 's Incentive Auction Task Force, in conjunction with the Media Bureau, Wireless
Capital Development Authority (CDA) on Wednesday, the second last day of the auction and the first day of the auction of commercial plots in different developed sectors of Islamabad earned over Rs4 billion.
ISLAMABAD -- The Capital Development Authority (CDA) has fetched Rs1.25 billion from the auction of residential plots.
The weekly car auction - the next one being on Tuesday, January 29 - will see more than 160 Arnold Clark entries go to auction from 5.30pm, offering bidders the chance to purchase quality vehicles.
The auction process of NHA vehicles on different locations across the country is underway and it will be concluded on November 5.
ISLAMABAD:The Capital Development Authority (CDA) on Thursday concluded the three-day auction of commercial plots during which 22 plots worth more than Rs7.48 billion were sold.
The Bonhams International Auction House in London sold Thursday ancient Egyptian artifacts in an auction titled "Antiques"-Press Photo CAIRO -- 5 July 2018: The Bonhams International Auction House in London sold Thursday ancient Egyptian artifacts in an auction titled "Antiques".
ISLAMABAD -- Capital Development Authority (CDA) has auctioned 29 plots worth over Rs 7.10 billion during its landmark three days auction, held at Jinnah Convention Centre.
THE final lot in SDL Auctions Chester and North Wales' first auction of 2018 raised the most interest during the run up to the auction and didn't disappoint when the hammer fell.
Despite all the hassles during the peak auction season, Food Corporation of Bhutan Limited (FCBL) managed to auction 19,643.79 Metric Tons (MT) of potatoes this season; 269.44MT more compared to the previous year through conventional auction.
20 (BNA): Mazad has announced that its second auction of unique new private vehicle number plates will be held on 21 December, in association with Arabian Auction, a company under Emirates Auction.
Salcedo Auctions notes with interest the article 'Is an 'art mafia' behind the auction and the boom?' (Sunday Lifestyle, 8/7/16) by Eric Caruncho.