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 It might be outdated or ideologically biased.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 ?
The first day of public sale eventually took pounds 13,974, an increase on Flint Street's record of 75%.
The public sale is based on a low-to-high bidding system, and the sky's the limit.
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It is my intention to continue my campaign to call for a ban on the public sale of fireworks.
AHAM is beginning to offer some of these numbers for public sale. It also has spoken of increasing the number of product lines that are included in these reports.
Property management group Mentmore Abbey has put its pounds 32.5 million stake in rival Workspace Group up for public sale after failing to place the shares with City investors.
It was reported in the French daily newspaper Liberation that on the eve of the public sale, professionals were invited to take first pick of the collection.
The State still controls ENI through a 36% stake and Mr Bersani has now announced an initial public sale of 20% of the capital of the wholly state-owned Enel.
Manufacturers could set their quality or production standards at a level so that, when met, these products would be satisfactory for public sale. As soon as the manufacturing process meets these standards, start-up cost amortization could begin.
A petition calling for fireworks to be banned from public sale has reached more than 163,000 signatures.
Sindh Building Control Authority (SBCA) failed to halt illegal constructions of public sale project, causing people's million of rupees investment were on stake.

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