The sale of goods or property in public to
the highest bidder. There are usually 
conditions of sale by which all bidders are
bound. A bid may be withdrawn at any time 
before the auctioneer brings down the hammer,
and the seller is likewise entitled to
withdraw any lot before the hammer falls.
It is illegal for the seller or anyone on
their behalf to make a bid for their own 
goods unless their right to do so has been
reserved and notified before the sale.
`Rings' of dealers agreeing to keep prices
down are illegal. A reserve price is kept
secret, but an upset price (the minimum 
price fixed for the property offered) is 
made public before the sale.  An auction 
where property is first offered at a high
price and gradually reduced until a bid is
received is known as a Dutch auction.
In 1988, art auctioneers (handling not only
pictures, but other items of value such as
furniture) were required by a British judge's
ruling to recognize the possibility of the
artwork being of great value, and to carry
out `proper research' on their provenance.

Subject by: Russell Webb