Article 3 Auction means the buying and selling form through which designated articles or property rights are transferred, in the form of public bidding, to those providing the highest bidding price.

第三条拍卖是指以公开竞价的形式，将特定物品或者财产权利转让给最高应价者的买卖方式。

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When Google went public in August 2004, many were impressed that the stock opened at a premium to the price paid in what was then (and in some respects still is) the unheard of direct auction IPO.

2004年8月，当Google公开上市的时候，很多人对于这支股票印象深刻，因为它相比其闻所未闻的直接拍卖IPO的定价有所高开。

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Although buyers and sellers are rarely named, the auction price is public.

虽然买家和卖家都很少留名，但拍卖行的价格是公开的。

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In fact, virtually every member of this conspiracy comes away a winner because the profits at the second auction (that is, the difference between the price paid at second auction minus the price paid by the Designated Bidder at the public auction) is frequently divided among the conspirators.

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