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 ?
During the first two days of auction, residential plots located in pure developed sectors would be presented for auction while commercial plots of different categories including plots of Blue Area, developed marakiz, hospitals and class -III shopping centers etc of developed sectors would also be auctioned on April 10 and 11, 2019.
For further information on the weekly car auction contact Tony Hall or for the commercial auction contact Phil Scarratt by calling Wilsons Auctions Queensferry on 01244 812811.
Edward Feather, senior valuer and auctioneer at SDL Auctions Chester and North Wales, said: "Our first Chester Racecourse auction of 2018 didn't disappoint for both buyers and vendors with a total of PS2.5m raised for the joint catalogue with the Manchester auction the following day.
Roughly 12 months after it began, the FCC's first-ever broadcast incentive auction is over.
Salcedo Auctions finds this piece a very timely call to circumspection and discernment as it develops the auction of fine art and collectibles in the Philippines, an industry that it pioneered more than six years ago.
"The Ally team appreciates the effort and support provided by all of our auctions, without which we could not be successful.
Following that sale, on March 14th, Baker Auctions will be hosting the KLG Farms Retirement Auction at 3242 Arcadia Blvd., Nyssa, Oregon 97913.
What do think about auctions - would you rather buy your stuff at auctions?
"As a principal lender solely dedicated to the auction market, we have seen a shift in the geographical requirements of property investors and purchasers at auction over the past year; this is particularly reflected in the regional increases in Auction Finance supported property sales at auctions."
It is also preferred over the traditional open cry out auctioning model as SMRA allows both auctioneer and bidder flexibility to simultaneously bid on lots of their choice, privacy and time to make educated decisions during the auction. Some of recent auctions conducted in various countries were all SMRA based auctions.
Looking at the results from recent auctions, we have seen that some residential properties have more than doubled their bottom guide price, illustrating that now appears to be a good time to sell at auction.
The auctioning of quotas prior to the start of phase three ( early auctions') is foreseen by the revised ETS Directive of 2009(1).