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 ?
312, Street No 17, Sector D-12/1 measuring 500 sq yard received bid Rs75,000 per square yard, plot No.26, Street No 25, Sector G-10/2 measuring 444.44 s.q feet received Rs83,000 per square yard bid, plot No 27, Street No 25, Sector G-10/2 measuring 444.44 sq yard received Rs82,000 per square yard bid, plot No.28, Street No.25, Sector G-10/2, measuring 444.44 s.q received bid Rs.84,000 per square yard, plot No.183-D, Street No.21, Sector F-11/2 measuring 400 received bid Rs110,000 per square yard, and were auctioned.
Before this, the NHA has auctioned 62 of its vehicles in Islamabad office through open auction and generated 60.29 million of rupees while 15 were sold in Peshawar office with the total cost of Rs20.3 million and 9 vehicles of Rs10.13 million were sold in Abbottabad.
CDA officials said that they had achieved their target and had auctioned off plots worth over Rs7.10 billion.
On 3rd day, 06 Commercial plots worth over 713 million were auctioned.
AUCTIONED 10AM - 11AM: Jamie Carragher Captain's Shirt from his first match as captain from Liverpool Vs Manchester City 2000.
The developers of the Financial District's 20 Pine reportedly put 80 of the building's 413 units on the market a couple of months ago, and the 1,230-unit Riverton Houses complex in Harlem was set to be auctioned off last month, though the auction was later canceled.
Reverse auctions can capture some savings not available during conventional negotiations and bidding, "but you quickly get to where you've auctioned away any excess 'profit,"' admits Miller.
auctioned a $300 million, five-year bond offering online -- becoming the first industrial corporation to use an online "Dutch auction" that allows investors to bid in real time for both the size and price of bond transactions.
In addition, the sequence through which the resources are auctioned off could easily influence the ultimate allocation of resources, and thus offend the envy constraint.
The day's activities are designed to help campers earn points toward services administered by counselors (e.g., backrubs, serving cookies and milk, serving breakfast in bed, etc.), which are auctioned at the end of the day according to the total amount of points earned by cabin groups.
The focus of this study is the potential impact of information transmission and learning when goods in these markets are auctioned sequentially.
Treasury securities; approximately $2 trillion worth of Treasury securities, was auctioned in 1995.