auction


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auction

the competitive calls made in bridge and other games before play begins, undertaking to win a given number of tricks if a certain suit is trumps

Auction

 

in international trade, a method of selling certain goods (such as fur pelts, tobacco, and tea) in separate lots. Prior to an auction the goods (or samples of them) are exhibited for the inspection of possible buyers. The time and place of the auction are announced beforehand. The general conditions of the sale of goods are determined by the seller. The buyer is considered to be the person who during the course of the auction has offered the highest price. At an auction, in contrast to an ordinary sale, the seller is absolved from responsibility for the quality of the goods that are sold. In the USSR, international auctions for the sale of fur pelts are regularly held in Leningrad.

At the form of auction known as a public sale there is a forced sale of the property of people who cannot pay their debts. Goods are also sold if they have not been claimed on time from transportation and warehouse enterprises and in certain other cases.

V. S. POZDNIAKOV

References in classic literature ?
He's sore over the auction, and he sprang his recruiting contract with Munster on her.
If I had lots of things like Fan, I 'd have an auction and get all I could for them.
And now, after lying half a century in his garret and other dust holes, these things were not burned; instead of a bonfire, or purifying destruction of them, there was an auction, or increasing of them.
When therefore, about this time, an auction was one night announced to take place in the hall, at which, amongst the superfluities of other boys, all Diggs's penates for the time being were going to the hammer, East and Tom laid their heads together, and resolved to devote their ready cash (some four shillings sterling) to redeem such articles as that sum would cover.
When Rawdon and his wife wished to communicate with Captain Dobbin at the sale, and to know particulars of the catastrophe which had befallen Rebecca's old acquaintances, the Captain had vanished; and such information as they got was from a stray porter or broker at the auction.
My father picked up all these pictures very cheap at auctions, and so on," he said; "they are all rubbish, except the one over the door, and that is valuable.
As auctions become more mainstream in the commercial real estate industry, a growing number of traditional real estate brokerage firms are finding that partnering with auction firms can be highly beneficial.
50 a pound in the junior livestock auction at last year's Los Angeles County Fair.
While the Joint Report addressed many issues, its advocacy of experimentation with alternative auction designs for selling Treasury securities in particular attracted considerable attention.
Westchester's auction partner, Schrader, will now be marketed separately from Westchester Group, Inc.
In 2005, Express Auction expects to see this market continue to grow at an accelerated pace as the result of three significant trends in the marketplace.
com (AMEX:AAC) announced that the Goldberg Coins and Collectibles "Pre Long Beach" auction realized over $800,000 in Internet sales and attracted over 900 registered bidders.