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 ?
The broker benefits in a number of ways, including salvaging a commission on the auction sale.
EXCLUSION PRINCIPLE Although Tozier started the auction on a whim, his offer was serious: 40 hours of his time to collaborate on a project of the winning bidder's choosing in one of Tozier's areas of expertise, which include machine learning and complex systems.
To avoid confusion, this article will use explicit, if somewhat unwieldy, names for each auction.
Schrader/Westchester, as a team, pioneered the multi-parcel auction process since adopted by most of today's auction companies.
The auction method for the sales of real estate in the United States really only started to grow substantially in the early 1990's.
In 1992, however - with auctions being conducted more frequently, and a general decline of public confidence seen in the long-term appreciation of real estate - developers and sponsors must do much more than simply announce they are having an auction.
The auction is scheduled to have over 120 Mack, Kenworth and Peterbilt trucks (year 2007-2006) to be auctioned.
These findings were reported by the second annual National Real Estate Auction Index compiled by Kennedy-Wilson, Inc.
Deiro & Associates has been one of America's premier family-owned real estate, auction and liquidation company for 30 years.
Vital to the process is hiring a good auction company, he recommends.