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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
As per information, the NHA has auctioned 110 vehicles so far and 94 others will be presented for auction in various offices of NHA including 16 vehicles in Multan to be auctioned on October 24, 10 vehicles in Sukkur to be auctioned on October 26, 13 vehicles in Karachi to be sold on October 29, 35 vehicles in Quetta to be auctioned on October 31 while 20 vehicles will be sold in Gilgit on November 5, 2018 respectively.
On third day of auction 06 plots worth over 713,696,300/- rupees were auctioned. The auctioned plots include Plot No.
AUCTIONED 11AM - NOON: Granada Experience - your chance to tour the studios, meet the team and see the program being produced.
Depending on the type of auctioned service counselors can pair up to deliver services or do them individually.
Gale and Hausch (1994), for example, present a model in which two "stochastically equivalent" objects are auctioned in sequence to two bidders with unit demands.
In contrast, in a Treasury auction, multiple units of the same good are auctioned, and the auction is preceded by trading in a forward market, in which one can obtain the to-be-auctioned securities at a price fixed in advance of the auction.
Complicating matters, researchers after Vickrey further classified models by an assumption about the information that bidders have regarding the value of the auctioned object.
Out of 38 residential plots, 31 were auctioned in this period.
Islamabad -- The Capital Development Authority auctioned 29 plots worth over 7.10 billion rupees in the 3-day auction.
On the first day of two day auction Plot #07 measuring 166.66 square yards located in F-10/3 was auctioned at Rs 765,000/- per square yard, plot No.3-H, Sector F-10/4 measuring 133.33 square yard was auctioned at 817,000/- per square yard, Plot No.1-N, measuring 133.33 square yards of Sector F-11/1 was auctioned at the rate of Rs.560,000/- per square yard, plot No.1-O of the same markaz measuring 200 square yards was auctioned at Rs.710,000/- per square yards while plot No.05, Sector F-8/4 measuring 160 square yards was auctioned at Rs.916,000/-per square yards.
Samuel Mandel for the American Hospital of Paris 2001 French Designer Showhouse, and then it will be auctioned by Sheldon Good & Company Auctions NorthEast.
Over a very long period of time, the process by which Treasury securities are auctioned or otherwise placed in the market has worked exceedingly well.