afslag, noun
/ˈafslax/
- Origin:
- AfrikaansShow more Afrikaans, ‘reducing auction’, af down + slag beating.
obs. except in historical contexts
Downward bidding, an early Dutch method of auctioning in which, after upward bidding (see opslag sense 2) has stopped, the auctioneer names a much higher price, then lowers it bit by bit, the first person to accept a price becoming the buyer unless the figure falls to the level of the first bid, in which case the first bidder is obliged to become the buyer. See also strykgeld.
1927 C.G. Botha Social Life in Cape Col. 99The method of selling immovables at such sales differed somewhat to that of other countries. The property was first of all sold by opslag, advance bidding, and then put up again and sold by afslag, or downward bidding.
1981 P. Dane Great Houses of Constantia 119First the house..came up for sale, by the traditional method of ‘opslag en afslag’ — the rise and fall of the hammer, where the bidding opens twice and the best price is accepted.
Downward bidding, an early Dutch method of auctioning in which, after upward bidding (see opslag sense 2) has stopped, the auctioneer names a much higher price, then lowers it bit by bit, the first person to accept a price becoming the buyer unless the figure falls to the level of the first bid, in which case the first bidder is obliged to become the buyer.
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