ETYM Latin auctio an increasing, a public sale, where the price was called out, and the article to be sold was adjudged to the last increaser of the price, or the highest bidder, from Latin augere, auctum, to increase. Related to Augment.
1. A variety of bridge in which tricks made in excess of the contract are scored toward game; now generally superseded by contract bridge; SYN. auction bridge.
2. The public sale of something to the highest bidder; SYN. auction sale, vendue.
Sale of goods or property in public to the highest bidder. There are usually conditions of sale by which all bidders are bound.
Leading world auctioneers are Christie's and Sotheby's.
A bid may be withdrawn at any time before the auctioneer brings down the hammer, and the seller is likewise entitled to withdraw any lot before the hammer falls. In recent years, auction houses have been increasingly examined for illegal practices. It is illegal for the seller or anyone on their behalf to make a bid for their own goods unless their right to do so has been reserved and notified before the sale. Christie’s New York chairman, Donald Bathurst, resigned after he was found to have falsely stated that some paintings had been sold, a practice known as “buying-in”. “Rings” of dealers agreeing to keep prices down are illegal. A reserve price is kept secret, but an upset price (the minimum price fixed for the property offered) is made public before the sale. An auction where property is first offered at a high price and gradually reduced until a bid is received is known as a Dutch auction. + prikaži više

Auction