auction

(redirected from auction house)
Also found in: Dictionary, Thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia.

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 ?
SUCCESS: Lawrie Stewart, director of Auction House, says 2013 has been a very good year so far for the company
Looking ahead, Auction House predicts that the next 12 months will see auctions become an increasingly popular way to sell as owners look for speed and certainty in a challenging property market.
AWARD WINNERS: Comedian Dominic Holland, far left, pictured with Bryan Baxter and Roger Lake from the Auction House
If the bidding doesn't reach the reserve, it may be possible to do a deal with the seller, via the auction house, on the day.
Paddle8's fees are less than half of those of a traditional auction house.
Customers visiting the auction house will benefit from a range of new features including a new reception area, an open-plan auction hall, improved seating, indoor heating, free wifi and a new vehicle testing area.
While the always-online requirement made the auction house possible, the auction house was never the driving factor in our decision to make the PC version of Diablo 3 require an Internet connection," a representative told Rock, Paper, Shotgun.
Roy Hawkins, from the Auction House office in Warwickshire, said: "This award strengthens the brand even more.
Auction House retired to Llety Stud in 2003 and, though afforded limited opportunities, turned heads when his first crop of 48 foals yielded 13 individual winners.
singer, and according to auction house Bonhams and Goodman this was the first Jackson glove to go on sale since he died in June at the age of 50.
Summary: The sale of Michael Jackson's possessions has been called off following a settlement with an auction house.