auction meaning
- A variety of bridge in which tricks made in excess of the contract are scored toward game; now generally superseded by contract bridge
- auction bridge - The public sale of something to the highest bidder
- auction sale, vendue
- Sell at an auction
- auction off, auctioneer
Derived forms: auctioned, auctioning, auctions
See also: auctioneer
Type of: bridge, flog [Brit], sale, sell
Encyclopedia: Auction
[Business]
AmE / noun, verb
(Commerce )
■ noun [C,U]
ABSOLUTE AUCTION, DUTCH AUCTION, REVERSE AUCTION, UNIFORM PRICE AUCTION
a public event at which things are sold to the person who offers the most money for them:
The stores will be put up for auction by the parent company.
The painting was sold at auction for $50 000.
to bid in an auction
⇨ PUT verb
❖ to be up for/come up for/go up for/put sth up for auction
■ verb [+ obj]
to sell sth at an auction:
The rights to use these routes were auctioned to bus companies.
PHRASAL VERBS
auction sth off
to sell sth at an auction, especially sth that is no longer needed or wanted:
Employees were made redundant and buildings and vehicles auctioned off.
[Economics]
A method of selling in which goods, securities, rights, etc., are sold in public to the highest bidder. In an English auction the potential buyers make bids and the highest bid is accepted. In a Dutch auction the price begins high and is gradually lowered until a buyer agrees to pay it. Auctions are also used to sell government, debt and many diverse financial obligations.
See:
[Finance]
A system where potential buyers place competitive bids on assets and services. The asset or service in question will sell to the party that places the highest bid. In most cases, sellers will pay a listing fee to the auctioneer, regardless of whether the item actually sells for the desired price.
[Law]
n. A method of sale in which parties are invited to make competing offers (bids) to purchase an item. The auctioneer, who acts as the agent of the seller until fall of the hammer, announces completion of the sale in favour of the highest bidder by striking his desk with a hammer (or in any other customary manner). Until then any bidder may retract his bid and the auctioneer may withdraw the goods. The seller may not bid unless the sale is stated to be subject to the seller's right to bid. Merely to advertise an auction does not bind the auctioneer to hold one. However, if he advertises an auction without reserve and accepts bids, he will be liable if he fails to knock the item down to the highest outside bidder. An auctioneer who discloses his agency promises to a buyer that he has authority to sell and that he knows of no defect to the seller's title; he does not promise that the buyer of a specific chattel will get a good title.
- absolute auction: [Business]noun [C] ...
- auction block: Noun: auction bloc ...
- auction bridge: Noun: auction brid ...
Examples
More: Next- the auction was the liveliest part of the entertainment.
- i bought it at an auction.
- we had a private view of the jewels before the public auction.
- they are a ring of dealers controlling prices at an antiques auction.
- they picked up most of the furniture at auctions in country towns.
