1. A secret, illegal agreement between two or more auction bidders to place bids in such a way as to influence the auction outcome, as when two bidders agree to refrain from bidding against one another in order to keep the price of an item artificially low.
2. An illegal agreement between an auctioneer and a seller of an item to place and accept fictitious bids in order to artificially increase the price of the item.
Terms, Definitions, and Concepts: Auction, Real Estate
Added: Fri Oct 17 2008