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 ?
Telecommunications Bureau, and the Office of Economics and Analytics, is now making public "certain information" about non-winning bids in the reverse auction portion of the broadcast television incentive auction -- a.k.a.
A total of eight commercial plots were auctioned for Rs4,048 million through the auction.
During the second day of auction, six residential plots were auctioned for Rs230 million while on the first day of auction of residential plots 25 residential plots were sold out for Rs1.02 billion.
Other vendors with entries in the auction includes Slaters, VR EPS, Lindop Brothers, Toyota, Eastham Motors and PSD.
A large number of purchasers participated in this process of auction while Member Administration of NHA Ali Sher Mehsud and Member Central Zone Naveed Iqbal Wahlah were also present on the occasion.
The business community presented bids enthusiastically and appreciated the transparency of the auction. On the third day of the auction, Kahuta Triangle Industrial Plot No 239 (3333.33 square yards) was auctioned for Rs21,000 per square yard, Plot No 11-A of Diplomatic Enclave of Apartments (4,000 square yards) was auctioned for Rs200,000 per square yard and Plot No 2-E Class-III Shopping Centre Sector I-14/4 (133.33 square yards) was auctioned at Rs220,000 per square yard.
Auction was conducted under the supervision of Chairman Auction Committee, Financial Advisor / Member, CDA, Dr.
The lot was for sale for the first time in many years so there was a sense of anticipation in the auction room at Chester Racecourse on February 27 when it sold for PS55,000 from a guide price of PS20,000+.
FCBL's Auction Manager Ugyen Penjor said during the early month of November, due to a drastic increase in the arrival volume of potatoes at the Phuentsholing auction yard, certain problems beset the farmers bringing in their potatoes.
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 SmartLane Auction of the Year award winner for the fourth year in a row was ABC St.
Islamabad -- Capital Development Authority (CDA) has got resounding response on the first day of auction of commercial plots in