auction

[In Sw. & Ger. tauktion; Dan. auction an auction from Lat. auctio = (1) an increasing, (2) an auction; augeo = to cause to increase.] 1. The public disposal of goods to the highest bidder. None but those who have taken out an auction licence are at present allowed to conduct such sales. To ascertain who the highest bidder is, two leading proce es may be adopted. The goods may be put up at a low figure, and then competitors for them, bidding against each other, will raise this to a higher price. This is what is generally done in this country. In what is called a "Dutch auction," however, the proce is reversed. The goods are put up at a price much above their value, and gradually lowered till a bid is given for them, and they are then forthwith knocked down to him from whom it proceeded. "Then followed an auction, the strangest that history has recorded. -Macaulay: Hist . Eng , ch. vii. 2. The goods sold by auction. "Ask you why Phrine the whole auction buys? Phrine foresees a general excise."- Pope . auction-catalogue, s. The catalogue of the goods to be disposed of at an auction. auction-mart, s. A place where goods are sold by public auction.