auction

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Related to Auction houses: Bonhams, Online auctions

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 ?
If the bidding doesn't reach the reserve, it may be possible to do a deal with the seller, via the auction house, on the day.
Instant access to art specialists: historically, the traditional auction houses have made no secret of their focus on works valued at over $1 million.
The bricks-and-mortar auction houses will continue to be the site for the drama of the evening sales--and we do not underestimate the importance of communing with a $40 million Rothko, or the high-touch, physical experience that sales at a seven-figure price-point demand.
At Tennants Auctioneers we fully embrace technology and the opportunities that the internet continues to produce for the art market and in particular auction houses.
Auction houses are said to have been affecting the game's central appeal and undermined Diablo's core game play.
While many Diablo 3 fans are happy about the closing down of the auction houses, some are not.
Those that will be hardest bit are those that buy mid-range art (valued at less than $1m) from the auction houses and will have to pay the highest commissions proportionally.
The 20% rate had been around only since the end of 2004, when the two auction houses last hiked the buyer's premium.
5 THE guide price is the price the auction house expects the property to sell for, but it's not necessarily realistic - properties often fetch much more.