AUCTION

is the method of disposing of property or’ goods to the highest bidder. The projected sale having been duly advertised, the Auctioneer, on the day appointed, ‘puts up’ the various lots, or articles and they are duly ‘knocked down’ to the person offering the highest price. Frequently the vendor places 4 reserve price upon his property or goods, and if this amount is not reached by those bidding, the property is withdrawn. In what is termed a Dutch auction, goods are offered at a particular figure, and subsequently reduced until a buyer is found. The Scot. term for auction is ‘roup,’ and the conditions of the sale are, known as ‘articles of roup.’