See what “Auction” is in other dictionaries. Meaning of the word auction Leading auction term

Each of us has probably heard the concept of “auction”. Therefore, we know that an auction is a form of sale of goods, which is carried out with the goal of obtaining the highest price for an item through bidding. Until recently, when we used this word, we imagined the trade in objects of art, for example, paintings or some kind of sculptures. However, recently the concept of this form of selling and purchasing goods has changed somewhat. Now we have such a thing as an online auction. This is where everyone can sell their things. And you don’t have to paint a picture for millions to do this!

How are auctions structured?

The very principle of auctions is most likely familiar to many of us, and there is nothing unusual about it: a lot is put up for sale, for which participants begin to “fight”. The one who makes the largest bid wins, as a result of which the goods fall into the hands of the buyer, one might say, for the highest price. Many auctions are also limited in time - this is done in order to limit the possibility of the price rising indefinitely. Also, the fact that the time for which bids can be made is limited plays to the benefit of participants who want to get the product cheaper, raising the price as soon as possible before the end of the auction.

Since an auction is a form of public sale, this means that for it to take place it is necessary to ensure the presence of a large public - people who will place bids. This, in turn, causes some technical difficulties. For example, you have to hold thematic auctions for people who will be interested in a particular category for goods. The disadvantage of real auctions for the same reason is the inability to sell one product (for example, a tractor) at any time. The owner has to wait until a special agricultural auction is organized. This, in principle, applies to any product.

Electronic auction as an opportunity to sell any item

This problem is solved by today’s popular “virtual” auctions, which are held on the Internet. Such services are the largest portals with a large number of categories, in each of which any product can be placed without having to wait for any deadlines.

The advantage of such a platform as an Internet site is also the fact that it is visited by a huge number of users around the clock, each of whom can become a potential buyer of a tractor (if we talk about our example) or any other product. The developed market for contactless payments, as well as companies providing cargo transportation services, facilitate simple exchanges in the form of money and goods between participants in online auctions.

The largest auctions in the world

If we talk about the number of users and goods sold, then the largest, without a doubt, can be called the eBay electronic auction. It was introduced in the USA, but now millions of products are sold on this platform around the world. As a result, many users from a number of countries are constantly searching here, trying to purchase the desired item as cheaply as possible.

In addition to eBay, you can also name AllegroGroup trading platforms, which include the largest portals in Eastern Europe (whether it is an auction or not is a question, since goods are also sold here at a fixed price).

How to start trading?

If you want to start trading, you need to understand that a real auction is an event that requires registration in advance, with the provision of documents and, possibly, minimal guarantee fees. If we talk about online auctions, then participating in them requires much less - you just need to register. In the case of electronic trading, merchants are also sometimes required to confirm their real address and, of course, passport details in order to eliminate the risk of fraud.

Then you need to provide which one you would like to sell, providing it with high-quality photographs. Writing in such a way that the buyer wants to bid on your product is also an art. However, this is a topic for writing a completely different article.

Income opportunities from foreign auctions

Anyone who understands that an auction is a trading platform with its own turnover of lots and money paid for them knows about the opportunity to earn income. The chances of making money from trading also increase because now we have access to many foreign auctions where we can buy and sell things (if not directly, then at least with the help of intermediaries).

There are many examples of successful earnings. For example, these are auctions in Japan, where a large number of cars of their production are traditionally sold. Since in the country itself the price of cars is constantly falling due to the release of new models, it is quite profitable to buy them and bring them to our country. In addition, everyone understands how high-quality products the Japanese auto industry has been offering for many years.

Auctions as a business

In addition to the possibility of one-time earnings, for some of the most advanced users, an auction is a business that brings in regular high income. There are many schemes by which you can make money using auctions. Some rely on the local market, offering goods of their own production at auction, others buy products in bulk and then sell them using online platforms with profit.

A more global approach is to work with foreign auctions. For example, some, such as old coins or some household items from the USSR, can be resold on eBay at a premium. With us, these things, in fact, cost nothing.

There is also a reverse scheme, according to which goods are purchased in Europe, the USA or Canada through an auction directly or through intermediaries, and then sold here on local bulletin boards.

And, believe me, these are not all the opportunities for making money at online auctions. Where there is a turnover of hundreds of thousands of lots, everyone can find their own niche for making money. The main thing is to want and start searching. And you will definitely find your niche: product, category or seller with whom it is profitable to cooperate.

Auctions, depending on the order of their organization, are:

• - voluntary - carried out on the initiative of the owners of goods for the most profitable sale;
• - compulsory - carried out either by pawnshops - for the sale of products pledged but not redeemed on time, or by government organizations for the purpose of selling confiscated, unclaimed or unpaid goods.

Types of auctions by scale of activity:

• - national;
• - international.

Types of auctions by technology:

• - consonants (vowels, with increasing prices) begin with the announcement of the minimum price set by the seller. To this price, buyers add an amount no less than the minimum. The size of the minimum premiums is established in the rules of the auction. If the next price increase is not offered, then it is considered sold to the last buyer with the highest price. This auction is also called English;
• - unspoken (silent) - also carried out with an increase in price. However, after the auctioneer announces a minimum premium, buyers agree to raise the price using conventional signs. Then the auctioneer announces a new price each time, without naming the buyer. With this method, the name of the buyer is kept secret (when selling jewelry or art objects).

Auctions are:

• - with an increase in price - can be public or unofficial;
• - with a price reduction (Dutch auction) - the starting price is gradually reduced until one of the buyers agrees to purchase the product at this price. Price discounts are set in advance; most often they are used for perishable goods (in particular, flowers).

Some auctions are conducted in an automated manner. Each time the price is displayed on the board. A change in price to increase or decrease during the auction is recorded by the buyer using an electric button, which stops the change of numbers on the display. The buyer is identified by a blocked burning light at the bidder's place.

Let's look at several types of auctions based on a number of characteristics.

Auctions can be divided into regular and irregular. Regular auctions are held by special auction firms in the same place one or more times a year, most often at the traditional time for each auction. Irregular auctions are held when there is a need to sell goods that have not been received from the warehouse within a specified time, or goods for which a buyer could not be found in any other way.

Bidding at auctions is carried out either with an increase in price (“English auction” - English auction, Buoyant auction), or with a decrease (“Dutch auction” - Dutch auction, Downward auction, Auction of minimum price). Auction trading with an increase in price can be carried out “by voice” or using gestures. In the first case, the auctioneer announces the lot number and names the starting price, asking: “Who is more?” Buyers increase the price by an amount not lower than the minimum premium (0.01--0.025% of the original price). If the next price increase is not proposed, then after asking three times: “Who is more?” -- the lot is considered sold to the person who named the last price.

In silent bargaining, buyers give the auctioneer signs of their agreement to increase the price by a predetermined premium. The auctioneer, when announcing a new price, does not name the buyer.

In a cut-price auction, the auctioneer reduces the price by predetermined discounts. The lot is purchased by the buyer who is the first to say “yes”.

Based on the nature of the goods being sold, three main types of auctions can be distinguished:

Commodity auction - where works of art, jewelry, furs, as well as unique goods that are in high demand are sold.

Securities auction - purchase and sale of shares, bonds, etc.

Currency auction - at which foreign convertible currency is sold for national currency.

In the practice of auction trading, there is such a thing as an international auction. International trade in auction goods includes furs, unwashed wool, bristles, tobacco, tea, some spices, antiques, racehorses, etc. A common condition of all international auctions is that the seller is not responsible for the quality of the goods offered for inspection. Some international auctions establish the right of the buyer to instruct (for a special fee) the auction administration to send goods to the place specified by the buyer.

The most widespread in the Russian economy are auctions for the sale of enterprises during the privatization process, specialized auctions for the sale of shares of privatized enterprises transformed into joint-stock companies, and for the sale of property of bankrupt enterprises for settlements with creditors.

An Internet auction (also known as an “online auction”) is an auction conducted via the Internet. Unlike conventional auctions, Internet auctions are held at a distance (remotely) and you can participate in them without being in a specific location by placing bids through an Internet site or a computer auction program. The end point of an Internet auction, unlike traditional auctions, is pre-set by the seller himself when placing the goods up for auction. In ordinary auctions, the struggle continues as long as the auction rates increase. At the end of the Internet auction, the buyer must transfer money to the seller by bank transfer (less often in cash, for example, when receiving the goods in person), and the seller must send the goods to the buyer by mail, often anywhere in the country or around the world. The limits of possible shipment of goods are indicated by the seller himself in advance.

The largest Internet auction in the world is eBay, founded in 1995 and with a turnover of several million transactions per day. This auction will be discussed in more detail in the third chapter. In Russia, the auction Molotok.ru is very popular, in Ukraine - AUCTION.ua.

Recently, there has been a trend to connect additional e-commerce solutions. Payment systems and user authorization solutions are added to auction systems.

More recently, “Scandinavian auctions” began to appear on the field of Internet auctions in Russia - these are online auctions offering buyers goods at low prices (10-20% of their real market value). In the Russian market, such auctions are a fairly new phenomenon, unlike in Europe. In the UK, the Swoopo.co.uk auction, formerly better known as Telebid.com, is very popular. The auction Fiksuhuuto.fi is popular in Finland, and Sendioksjon.ee in Estonia.

Internet auctions are very popular among Internet users, in which a bid can be placed via SMS message from a cell phone. The appearance of this type of auction created a sensation among Internet bloggers. On the Internet there are both opponents of this type of auction, who claim that so-called bots (pseudo-players) are used here, which do not allow you to win a LOT until the cost of the item being played is recouped by the bids, and defenders, who admit that although bots can be used here, players, however, the chances of winning an expensive item for 10% of the cost are very high.

In the blog environment, notes and stories about successful and unsuccessful participation in auctions, tips and strategies on how to place bids correctly to win are gaining popularity. On the English-speaking Internet, condemnations of this type of auction soon escalated into recommendations on how to win at SMS auctions, even to discussions of the best software for organizing such auctions, discussions of payment methods and attractive games to attract new participants.

There are 4 main types of auctions: direct (English), Dutch (wholesale), Yankee (own price), and reverse.

Direct auction (English). This type of auction is the most common (for example www.”eBay.com). It is carried out with public bidding and price increases. This is how unique items are sold, such as second-hand items, collectibles, wines and more. Bidding ends when the auction period set by the seller expires (from 1 to 14 days). Bidding does not always end in a sale. If a reserve price is set (the minimum price for which the owner of the product agrees to sell it) and it is not reached, then the product is not sold. And yet, often at such auctions, gambling buyers raise the price very high.

Reverse auction. In reverse auctions, buyers submit requests for desired items and sellers compete to offer the best price and terms (held on www.Priceline.com and www.eWanted.com).

Dutch auction. This is a wholesale auction where the seller can offer many items at the same time (for example www.ubid.com). Accordingly, buyers can qualify for the purchase of many units of goods. All winning buyers pay only the minimum of the winning price. At a Dutch auction you cannot set a reserve price.

Yankee auction (discriminatory). The main feature of the third type of auction is that auctions are closed from other participants (unlike English or Dutch) and the winner who gives the highest price receives the goods for the price he named. If there is only one product, there is only one winner. But if a lot of many units of goods is offered, then not only the one who gave the highest price wins, but also those who gave the lower price. Because not all winners pay the same price, such an auction is called “discriminatory.” At such an auction, if there is more than one unit of goods in a lot, bids are sorted from highest price to lowest, and the goods are distributed in this order until they run out. Typically, each participant submits only one bid, so preparation for such an auction is especially important. A closed auction consists of two phases - the bid submission period and the winner determination phase, when all bids are opened and a winner is determined (sometimes no winner is announced).

Private or VIP auctions. Usually a select few who require special accreditation participate. The bet is accepted for a strictly limited time, and the participant does not have the opportunity to find out the size and number of bets of other participants. The participant has the right to make only one bet.

Judging by the above, the author concludes that the topic of the auction as a form of international trade is quite complex and interesting. There are many classifications based on the types of goods sold, lowering/increasing the starting price, etc. As for Internet auctions, they deserve special attention, because... are a new form of international trade that erases the boundaries of space and time between participants.

An auction is the public sale of goods, securities, enterprise property, works of art and other objects. Such a sale is carried out according to established rules. The main principle of the auction is its competition between buyers. During bidding, buyers compete for the right to purchase goods, offering their prices for the selected product. The criterion for determining the winner is price. As soon as the winner of the competition is determined, the auction item is declared sold.

Auctions have existed since the Roman Empire and were usually held after military victories. The term “auction” itself comes from the English word auctionis, “increase” or “growth”.

What is an English auction

There are eight main types of auctions. Of these, the most common and famous is the English auction. It is also called direct. The principle of this auction is based on establishing a minimum price, the so-called “starting” price. It is the starting point for further trading, during which buyers bargaining among themselves gradually increase it.

All proposals received are publicly announced. The final price is the one formed during the bidding process and which is the maximum offer for the object of bidding.

The duration of a direct auction is fixed or bidding lasts until no new bids are received. However, there is the concept of a reserve price, that is, the minimum cost for which the seller agrees to sell the product. If it remains unachieved during the auction, the product is not sold.

There are two types of English auction - direct and reverse. At a direct auction, prices rise according to the proposal of the auction leader or according to the requests of auction participants. The winner is the buyer who offers the highest price. These auctions typically feature unique items such as used items, collectibles, wines, and more.

In a reverse auction, the starting price is set by the buyer. And it is equal to the maximum price at which he agrees to purchase this product. And in this type of bidding, sellers compete, competing with each other. They make offers to the buyer. In this case, the price goes down, not up. This continues until there is a seller willing to sell his goods at that price.

Today, as I promised in my previous one, I will tell you about what other types of auctions exist.

The word auction comes from the Latin word “auctionis”, which means “increase”, “growth”.

Auction- public sale of goods, securities, enterprise property, works of art and other objects, which is carried out according to pre-established auction rules. In this case, the object is purchased by the auction winner. The principle common to all auctions is the principle of competition between buyers. In the process of competition between buyers for the right to purchase the goods, the winner of the auction is determined. The winner of the auction is the person who wins the auction in accordance with its rules. The main criterion for determining the winner of any auction is the price.

A little history...

Auctions were common during the Roman Empire and were often held after military victories. They traded prisoners of war, and the proceeds from these auctions went to finance the armed forces. Auction trading was also used to liquidate the confiscated property of debtors. Even Emperor Marcus Orilius sold his household furniture at auction to pay off his debts. The most legendary auction: March 28, 193 - sale of the entire Roman Empire. The winner of the auction was the wealthy senator Marcus Didius Julian, who offered 250 million sesterces for the Empire - 25,000 for each guardsman, which was equivalent to their five annual salaries. However, Didius Julianus was unable to pay, lost the support of the guard and was killed 66 days later.

With the collapse of the Roman Empire, auctions disappeared and then reappeared in Medieval Europe: in 1254, a decree issued by King Louis IX established the profession of auctioneer.

Historically, the emergence of the modern type of auction is associated with the Netherlands at the end of the 16th - 17th centuries. There are suggestions that the emergence of this form of trade was associated with the unprecedented prosperity of the Netherlands after liberation from Spanish rule and the formation of the first republic in Europe, based on the principles of elected government and a market economy. The newly conquered colonies in Indonesia, South Africa and Brazil brought in enormous income; The capital of the United Provinces, Amsterdam, has become the richest city in northwestern Europe. The large number of wealthy people who want to surround themselves with luxury goods has led to the formation of a vibrant art market in Holland. A relatively small circle of collectors never tired of buying and selling Renaissance paintings and works by contemporary artists. Auctions were held frequently, and sometimes catalogs were printed for them.

The development of international trade in the 16th-17th centuries, great geographical discoveries, and the improvement of the global credit and banking system led to the rapid spread of auctions throughout Europe. Already at the end of the 17th century. they became commonplace in England, Germany, France, and in the first half of the 18th century the auction houses Sotheby’s and Christie’s were created, which are currently leaders in the world antiques market.

In Kazakhstan, auctions appeared much later - the first mentions of them date back to the first quarter of the 18th century. The appearance of the first terms of auction trade indirectly indicates that in Kazakhstan at the beginning of the 18th century. Auctions have already been held. This is one of the first regulatory documents regulating sales at auction: in accordance with it, the procedure for transferring “belongings for sale” is established, the rules of bargaining (for example, “whoever will give the most will write for the sale”), and officials are appointed - “ vendor", "broker" and "magistrate" who conduct the auction. It is interesting that the “vendemaster” who conducted the auction did not hit the table with a hammer at the end of each auction, but hit the basin.

The decree does not yet contain the terms “auction” or “auction”, but the expression “public auction” is used. During the 18th century. In Kazakhstan, the auction procedure was regulated, which is very similar to the modern one, a set of basic concepts and terms was created, and the auction sale itself became firmly established in the practice of state trade organizations.

In the USSR, auctions were held solely on the basis of the state's monopoly right to this form of trade. One can note auctions for the sale of furs held in St. Petersburg by the Ministry of Foreign Trade since 1931. They sold the skins of fox, sable, and squirrel (in total about 80% of all furs). Since 1965, an international auction for the sale of thoroughbred trotting and racing horses began to be held in Moscow.

Auctions gained the greatest popularity in the mid-90s. In 1997, auctions for the purchase of food products for the army arose.

Types of auctions

Direct Auction (English)

This is one of the most famous and common types of auctions. It is based on establishing a minimum “starting” price, the basis for further bidding, during which the established price gradually increases. All proposals received are publicly announced. The final price is formed during the auction as the last maximum price offered by the buyer. A direct auction typically lasts for a fixed time (this is used in electronic auctions conducted via the Internet) or until no new bids are received. If a reserve price is set (the minimum price for which the owner of the product agrees to sell it) and it is not reached during the auction, then the product is not sold. And yet, often at such auctions, gambling buyers raise the price very high. One of the striking examples of a direct auction is an electronic auction - www.ebay.com.

An English auction can be:

- direct. In a direct English auction, prices gradually increase either at the suggestion of the bidder or at the request of the bidders themselves. The seller sets an initial “starting” price, then buyers enter into competition, setting a price higher than the starting price. Participants have the opportunity to revise their proposals depending on the proposals of their opponents. The winner is the one who offered the highest price at the end of the auction.

— reverse. In a reverse English auction, the initial maximum price is set by the buyer. This is the price he is willing to pay for the product. Sellers make offers to him, gradually reducing the price. The price is reduced until there is a seller willing to sell his goods at that price.

First price auction

A first price auction is a closed auction. The price is not publicly announced. In this auction, participants submit their bids in sealed envelopes, and the winner is the highest bidder. For the lot, he pays the “first price” - the value of his offer (bid). According to statistics, more than 2/3 of world auctions are conducted precisely according to this scheme. Typically, government contracts and various properties, including companies, are sold at a first-price auction.

Second price auction

Just like the first price auction, the second price auction is closed. The rules for determining the winner are identical - the highest price wins. The lot goes to the highest bidder, but he pays for the item an amount equal to the second highest bid (“second price”). In practice, this type of auction is rarely used, since it artificially limits the maximum profit of the owner of the lot. An example of the use of a second price auction is the sale of securities, postage stamps, etc.

Reverse wholesale auction (Dutch)

This is a wholesale auction in which the seller can offer several items at the same time. Accordingly, buyers can qualify for the purchase of several units of goods. The initial price is set deliberately higher and is reduced step by step until a buyer is found. All winning buyers pay only the minimum of the winning price. A wholesale auction differs from a Yankee auction, in which each winning buyer pays the price they bid.

Example: The seller put 3 laptops up for sale. All three winning bidders bid on 1 laptop each. The highest bidder was $1,000 and the lowest bidder was $850. All three will purchase laptops for $850. Despite the fact that the highest price was $1000.

At a Dutch auction you cannot set a reserve price. Dutch auctions were originally used to sell perishable goods and took place in a very short time frame. Currently, this type of auction is most often used for the sale of securities, used goods, construction projects, licenses, etc.

Reduction (reverse auction)

A reduction is otherwise called a rebidding or a down auction. When carrying out a reduction, the customer does not sell, but purchases the products he requires (product, work or service). He sets the initial price that he is willing to pay for it, and sellers (reduction participants) make him their offers, gradually reducing the price. The winner of the reduction is the participant who offers the lowest cost.

Yankee auction (discriminatory), own-price auction

These are auctions that are closed from other participants (unlike English or Dutch) and the winner who gives the highest price receives the goods for the price he named. As a rule, each participant submits only one bid (price proposal), so preparation for such an auction is especially important.

A closed auction consists of two phases - the bid submission period and the winner determination phase, when all bids are opened and a winner is determined (sometimes no winner is announced).

If there is a single product, then there is only one winner. But if a lot of several units of goods is offered, then not only the one who gave the highest price wins, but also those who gave the lower price. Because not all winners pay the same price, such an auction is called “discriminatory.”

In a “discriminatory” auction (more than one item per lot), blind bids are sorted from maximum to minimum and the product is distributed in that order until it runs out. Participants who win such an auction pay different prices for the goods.

Auction where everyone pays

In this type of auction, each participant pays the amount offered during the auction, however, the lot goes to only one - the winner. In their pure form, such auctions are practically never found at present, but are components of many other procedures.

For example, when preparing their competitive (auction) bid, all suppliers incur some financial costs that no one compensates. However, the contract (lot) goes to only one of them.

Private auction (VIP)

Such auctions usually involve a “selected few” who require special accreditation. The bet (offer) is accepted for a strictly limited time, and the participant does not have the opportunity to find out the size and number of bets of other participants. The participant has the right to make only one bet.

auction

Economic dictionary of terms

(from Latin auctio - sale at public auction) auction

a method of selling certain types of goods in the form of a public auction, held in a predetermined place and at a predetermined time with the right of preliminary inspection of the goods. Goods at auction are sold in single samples or in batches (lots) to the buyer who offers the highest price. During the bidding process, the auctioneer (the person conducting the auction) announces to the potential buyers (auctioneers) present about the item being sold and its initial starting price. Then the auctioneers take turns announcing and naming the rising price at which they are willing to buy the item. The bidding continues until the highest price is named. This is an "English" auction. In a Dutch auction, bidding starts at a very high price and proceeds downwards until a buyer is found who is willing to buy at the advertised price. A voluntary auction is held at the initiative of the owner of the goods. Enforcer

Dictionary of financial terms

AUCTION

alternate sale of real goods based on a buyer competition. AUCTIONS are held at permanent or pre-designated locations at a traditional or pre-designated location. International AUCTIONS are usually commercial organizations with premises, equipment and personnel. Trading at AUCTIONS takes place openly with the participation of the buyers themselves. AUCTIONS are also organized by specialized brokerage firms that resell goods on a commission basis on behalf of their clients, sellers and buyers, who do not themselves participate in the AUCTION, but pay a fee to the brokers.

Explanatory Dictionary of the Living Great Russian Language, Dal Vladimir

auction

M. lat. sale at auction, at auction, at auction, at public auction. Auction chamber, the location of this sale. Auctioneer, auctioneer m. official trader when selling under the hammer; auctioneer m. who bargains, adder.

Explanatory dictionary of the Russian language. D.N. Ushakov

auction

auction, m. (Latin auctio, lit. multiplication) (bargaining). Selling something property or goods at public auction, with the property going to the highest bidder. sell at auction (sell for debts through auction).

Explanatory dictionary of the Russian language. S.I.Ozhegov, N.Yu.Shvedova.

auction

A, m. Public sale, in which the buyer becomes the one who offers a higher price. Sell ​​at auction. Buy at auction. Furry a. International a. breeding horses.

adj. auction, oh, oh.

New explanatory dictionary of the Russian language, T. F. Efremova.

auction

m. A method of publicly selling something, in which the buyer becomes the one who offered a higher price.

Encyclopedic Dictionary, 1998

auction

AUCTION (from Latin auctio - sale at public auction) is a method of selling goods in which the goods (or samples of them) are first put up for inspection. In the form of an auction, real estate is also sold, the forced sale of property of insolvent debtors, etc. is carried out. Usually, a starting price is set at an auction.

Large legal dictionary

auction

(from Latin auctio - sale at public auction) - a type of auction in which a contract for the sale and purchase of property is concluded with the person who offers the highest price. An auction sale can be forced or voluntary, organized by the seller himself or carried out through a special organization acting as a commission agent. also Auction trading.

Auction

(from the Latin auctio ≈ sale at public auction), in international trade, a method of selling certain goods (furs, tobacco, tea, etc.) in separate lots, in which the goods (or samples of them) are first put up for inspection by possible buyers. The time and place of the A. will be announced in advance. The general conditions for the sale of goods are determined by the seller. The buyer of the consignment is considered to be the person who offered the highest price during the execution of A. When selling on A., unlike a regular sale, the seller’s liability for the quality of the goods sold is excluded. In the USSR, international exhibitions for the sale of furs are regularly held in Leningrad.

In the form of A. ≈ public auctions ≈ the forced sale of property of insolvent debtors is carried out, goods that are not claimed on time from transport and warehouse enterprises are sold, and in other cases.

V. S. Pozdnyakov.

Wikipedia

Auction

Auction- public sale of goods, securities, enterprise property, works of art and other objects, which is carried out according to pre-established auction rules. The principle common to all auctions is the principle of competition between buyers. In the process of competition between buyers for the right to purchase the goods, the winner of the auction is determined. The winner of the auction is the person who wins the auction in accordance with its rules. In this case, the object is purchased by the auction winner.

Auction (novel)

Novel "Auction" published in 1985. In the world, the arms race between two ideologically opposed camps, led by the USSR and the USA, is reaching its peak.

In the Soviet Union, after a series of deaths of General Secretaries, the party is headed by a relatively young leader, M. S. Gorbachev.

The novel tells that there are powerful forces in the world that prevent the return to their homeland of cultural property stolen by Nazi criminals during the Second World War and taken from the occupied territories.

The memory of the past war is still fresh in society; many veterans are alive who have the opportunity to tell the truth about the atrocities and crimes that the Nazi invaders committed.