What does auction ring mean?

auction ring meaning in Law Dictionary

Buyers that really work collectively on an auction to help keep rates reasonable. The just don't bid against eachother. The things purchased are reauctioned independently and earnings tend to be shared among people. Its unlawful to achieve this.

auction ring meaning in Business Dictionary

set of purchasers at an auction just who collude to not ever bid against the other person so that the auction price reduced. The things bought at the initial (appropriate) auction tend to be later on offered at an illegal private auction (labeled as 'knock completely' auction) together with ensuing earnings tend to be shared among the members of the band. Its a criminal offense to take part in an auction band, additionally the original seller has the straight to annul the purchase currently made to an associate of every these types of system.