Auction Ring is a term used to describe a group of individuals or companies who come together to conduct an auction. This can include auctioneers, bidders, sellers, and other participants involved in the buying and selling of goods or services through the auction process. The auction ring may also refer to the physical space or location where the auction takes place.
Auction Ring refers to a practice in which a group of individuals collude to manipulate the bidding process in an auction, typically to artificially inflate prices and maximize profits. This illegal activity involves participants secretly agreeing to refrain from bidding against each other, thereby ensuring that the desired item is sold at a higher price than it would have otherwise fetched in a fair and competitive auction. Auction Ring is considered a violation of antitrust laws and is subject to legal penalties, including fines and potential imprisonment. The practice undermines the integrity of the auction process and harms both buyers and sellers by distorting market prices.
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This glossary post was last updated: 29th March 2024.
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