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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.


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 ?
Inya Lake is due to foal to Rock Of Gibraltar and has three-yearold and two-year-old colts by Auction House.
"So it's on your bike to find a good bargain."" The best bargain targets are at small auction houses where you could save up to 10 per cent on cars.
Yet, a lot of auction houses set themselves up for failure by leasing out their inventory to online publication platforms that take over their corporate identity.
Two years later, his father, Vernon, sold them back to the same dealership, the auction house said.
Irrespective of continuous requests, Christie's Auction House did not provide any authentication evidence of the statue, and it did not announce its provenance.
The watch As one of the final watches in the sale, the sale of the military Jaeger was a fitting end to the auction house's watch sale.
James-based auction house suggested that the head, along with a wooden sarcophagus and multiple other artifacts also going on sale, were previously owned by the Munich-based collector Heinz Herner, and before that by Austrian dealer Joseph Mesina, who obtained the head from the collection of Prince Wilhelm von Thurn und Taxis in the mid 1970s.
The auction house announced that the item attracted international interest and numerous bidders, but due to the intervention of the internationally renowned specialist Paphiti, it was withdrawn shortly before it was about to be auctioned -- in fact during the process of the auction.
British auction house Christie's is soon to open online bidding on a heart-shaped meteorite, one that plummeted to Earth over Siberia in 1947, reported CNN.
Esteemed French auction house Tajan is the first to install permanent Artmyn 5D art scanning technology through an exclusive partnership with Invaluable that dramatically changes how art is experienced, sold and protected.
For identification, in the spirit of Khwaja and Mian (2008), we include various sets of interacted fixed effects at the artist, auction house, location, and/or year level.