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 periodicals archive ?
The latest Essential Information Group (EIG) figures show Auction House sold 434 lots from 541 offered - a success rate of 80% - from January to April.
Entries are being invited for the next auction being held by Auction House Tees Valley on Wednesday, February 20.
This is not advantageous to the buyer, seller or auction house.
Jon Collingbourne, managing director of Newport Auctions, said: "We are delighted to have reopened the auction house this week.
Blizzard Entertainment, the developer and publisher of RPG video game, Diablo 3 has confirmed that it will be closing down auction houses by next year.
Founding directors Roger Lake and Bryan Baxter from Auction House accepted the trophy on behalf of the auction network from presenter and comedian, Dominic Holland, at the awards held at the Royal Lancaster Hotel on May 1.
Inya Lake is due to foal to Rock Of Gibraltar and has three-yearold and two-year-old colts by Auction House.
The glove sold in Melbourne on Sunday was worn by Jackson in Sydney in 1996, on the day he married Debbie Rowe, the mother of his two elder children, the auction house said.
The pop singer's production company, MJJ Productions, attempted to sue Julien's Auction House in March after claiming the star had not authorised the sale of over 2,000 items taken from his Neverland Ranch.
SMITH and Sons has announced that, from December, 2008, its property auctions will be held under the brand, Auction House Smith and Sons, after negotiating a deal with Auction House to represent them in Liverpool and Wirral.
WHEN WYATT HOUSTON DAY FIRST GOT THE IDEA IN 1994 FOR AN AUCTION OF "PRINTED and manuscript African Americana" at the venerable Swann Galleries auction house in New York City, he had an inkling that it was one whose time had come.
Or you can go to a local auction house - there are plenty of secondary auction houses that are decent and honest,'' Hillier-O'Hara say.