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English definition of “auction ring”

auction ring

noun [C]
 
 
(also bidders' ring) COMMERCE
a group of buyers at an auction (= public sale) who make an illegal agreement not to compete against one another to buy things, in order to keep the price low. They then sell what they have bought at a higher price and share the profits.
(Definition of auction ring from the Cambridge Business English Dictionary © Cambridge University Press)
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