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Fur auctions

These take place at Beaver House, London, which is also the head office of the Hudson Bay Company. Sales of individual furs are held throughout the year and more general sales about four times a year. Buyers inspect the furs at the broker’s warehouse (anyone may attend the sales). By tradition the wares of the Hudson Bay Company are sold first, settling day, or prompt day, is usually thirty days after the first day of the sale. Brokers may refuse bids from undesirable buyers.

Reference: The Penguin Business Dictionary, 3rd edt.