Auction
the public disposal of goods to the highest bidder. None but those who have taken out an auction license are at present allowed to conduct such sales. 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 what is called a "Dutch auction," however, the process AUCUBA 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 the one from whom it proceeded.