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 ?
"I hope the Ministry of Justice will now listen and reconsider its plans to sell Reading Gaol to the highest bidder, which are likely to mean the site could be redeveloped as luxury flats."
Childless couples take part in the auction and the highest bidder takes away the prized possession.
The future doctor, now 27, did not disclose the identity of the highest bidder with whom she would have gone out on a 12-hour date in Australia and surrender her virginity.
Students and others gathered at Roosevelt on Friday night to learn the highest bidder's identity and to find out what was inside.
There are many, many more examples of the city''s green spaces being sold off to the highest bidder under the very noses of those who were supposed to benefit from them, the residents.
It is one thing for a water management district to lease appropriate public land for cattle grazing, timber, rock mining or farming; it is a totally different situation to lease the recreation rights on natural lands to the highest bidder, shutting out the general public of modest means that have traditionally depended on public lands for their recreational activities, including hunting.
Pakistan's United Bank Limited (UBL) (LSE:UBLS) reported today that its consortium has been named as the highest bidder in the proposed acquisition of a 67.4% shareholding in Khushhali Bank Limited (KBL), a micro finance institution.
The premier log residence was originally listed at USD16m, but will be sold to the highest bidder above USD5.99m.
ANKARA, May 24, 2011 (TUR) -- Turkish Energy & Natural Resources Minister Taner Yildiz said Tuesday that highest bidder of the tender for privatization of Akdeniz Electricity Grid Corp.
The highest bidder will also be rewarded with flights, hotel and two tickets for the Perth one-day international.
KEVIN PIETERSEN has offered to auction off a shirt and bat he used during England's Ashes triumph with the highest bidder also rewarded with flights and accommodation and two tickets for the Perth one-day international as the England batsman looks to raise money for the Queensland flood victims.
International Resource News-October 15, 2010--Ecopetrol del Peru SA highest bidder for blocks in Peru(C)1994-2010 ENPublishing - http://www.enpublishing.co.uk