Types of auctions
The most common type of auction, which provides that buyers offer a step-by-step incremental price for the product, until there remains one auctioneer - the winner. It is also called an up auction.
(from latin auctio — ale from public auction)
In international trade, the way of selling certain goods (furs, tobacco, tea, etc.) in separate lots, in which the goods (or samples thereof) are preliminarily exposed for inspection by potential buyers. On the time and place of the conduction of A. informed in advance. General conditions for the sale of goods are determined by the seller. The buyer of the party is the person who offered the highest price during the holding of the auction. When selling on A. in contrast to the usual sale, the responsibility of the seller for the quality of the goods sold is excluded.
An organized form of conducting operations for the purchase and sale of foreign currency. The source of funds in foreign currency, sold at a currency auction, are the foreign exchange resources of enterprises listed on their foreign currency accounts.
Auction, where the auction starts at a very high price and is conducted with its decrease, until there is a buyer willing to buy at the declared price.
Sale of the subject of pledge granted to the creditor as a guarantee of repayment of the loan received from public auction. Real estate, material assets (commodity stocks, raw materials, finished goods, and works of art) and securities can be pledge. The mortgage auction is a form of forced sale of the insolvent debtor's property. The auction is appointed at a certain time and place, which is notified to the public and interested parties. Pre-pledged property is exhibited for inspection. Auction auction starts with the starting price and ends with the highest bidder bid by the buyer. In the absence of those who wish to buy the lot (pledge) put up for auction, it is withdrawn from sale. Subsequently, it can again be put up for sale at a reduced starting price.
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