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 ?
The next day, Tom and Adolph, and some half a dozen other servants, were marched down to a slave-warehouse, to await the convenience of the trader, who was going to make up a lot for auction.
But an auction ain't taking anything off a dead man.
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.
Not long since I was present at the auction of a deacon's effects, for his life had not been ineffectual:--
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.
Some days afterwards there was an auction at the old house, and the little boy saw from his window how they carried the old knights and the old ladies away, the flower-pots with the long ears, the old chairs, and the old clothes-presses.
And now the public being invited to the purchase of minor objects, it happened that the orator on the table was expatiating on the merits of a picture, which he sought to recommend to his audience: it was by no means so select or numerous a company as had attended the previous days of the auction.
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.
They's an auction on the Atkinson Ranch an' maybe I can pick up some bargains.
Winkle began to dream that he was at a club, and that the members being very refractory, the chairman was obliged to hammer the table a good deal to preserve order; then he had a confused notion of an auction room where there were no bidders, and the auctioneer was buying everything in; and ultimately he began to think it just within the bounds of possibility that somebody might be knocking at the street door.
The duty's very light and genteel, the company particularly select, the exhibition takes place in assembly-rooms, town-halls, large rooms at inns, or auction galleries.